You can create stock groups and set if the VAT is applicable for the stock groups. You can also set the MRP in the stock group master along with state-wise rates for the groups.
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 in the Under field.
4. Set the option Should quantities of items be added? to Yes .
5. Enable the option Set/alter VAT details? .
6. Enter relevant details in the VAT Details screen. 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. 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 .
7. Press Enter to save.
The Stock Group Creation screen appears as shown below:
8. Press Enter to save.
Defining Nature of Goods and Commodity Details
To define commodity details and nature of goods
1. Click F12: Configure and set the following options to Yes :
o Provide nature of goods.
o Provide commodity details.
o Set type of goods.
2. Press Ctrl+A to save.
3. Select the Type of Goods .
4. Select the Nature of goods as Manufactured or Lower Rate as per requirement.
5. Enter the Commodity name .
6. Enter the Commodity code .
7. Enter the Reporting UoM .
8. Enter the Tax rate and Surcharge .
9. Press Enter to save.
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