You can create stock groups and assign state specific VAT rates to every stock group. Once the VAT rate is applied at the stock group level, all stock items under the specific group will reflect the tax rate assigned to the stock group. However, you can override this while recording a transaction.
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. Enable the option Set/alter VAT details? .
5. Enter the relevant details in the VAT Details screen.
To specify the VAT rate for the stock group in the VAT Details screen
● Select a user defined VAT classification. On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.
OR
● Specify VAT details
o Enter the Tax rate . If the Tax rate entered is above 0, the Tax type automatically appears as Taxable .
o Enter 0 as the Tax rate , to select the Exempt or Tax Free as the Tax type .
6. Press Enter to save.
The Stock Group Creation screen appears as shown below:
7. Press Enter to save.
To provide additional tax/rate details
1. Enable Set/alter VAT details? .
2. Click F12: Configure to view the Configuration screen.
3. Set the following options to Yes , if required.
o Set type of goods?
o Provide nature of goods?
o Provide commodity details?
o Provide schedule details?
4. Select Type of goods .
5. Select Nature of goods .
6. Enter the Commodity name and Commodity code
7. Press L : Details to specify different VAT rates with separate Applicable From dates.
To specify different VAT rates with separate Applicable From dates
1. Click L : Details .
2. Enter Applicable From date.
3. Enter Commodity Name .
4. Select Type of Goods .
5. Select Nature of Goods .
6. Enter Tax Rate . Press E nter without specifying the rate to select Exempt or TaxFree in the Taxability column.
The VAT Rate Details screen appears as shown below:
8. Enter the Tax rate . Press E nter without specifying the rate to select Exempt or Tax Free in the Tax type field.
The VAT Details screen with commodity details appears as shown below:
9. Press Enter to save the details in the VAT Details screen.
10. Press Ctrl+A to save.
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