You can create stock groups and enter relevant VAT details using this procedure.
To create a stock group
1. Go to Gateway of Tally > Inventory Info. > Stock Groups > Create .
2. Enter the Name of the stock group.
3. Select the required group from the option Under .
4. Enable the option Set/alter VAT details to display the VAT Details screen and provide the relevant details. The VAT Details screen appears as shown below:
To specify the VAT rate for the stock group
1. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined Classification . Once it is applied, rest of the options will disappear and cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications .
2. Press Ctrl+C to select the Trade name .
3. Enter the Tax Rate . If tax rate entered in more than 0, the Tax Type displays Taxable . If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free .
5. Press Enter to save. The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
Selecting the type of goods, commodity details, and VAT schedule
To select type of goods, commodity and VAT schedule
1. Click F12: Configure in VAT Details screen, and set the following options to Yes :
o Set type of goods?
o Provide Main Commodity Name?
o Provide commodity details?
o Provide schedule details?
2. Accept the Configuration screen.
3. Select the Type of goods as required.
4. Enter the name of Main Commodity , Commodity name and Commodity code .
5. Enter the Tax rate .
6. Select the VAT Schedule .
7. Press Enter to save.
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