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? to view the VAT Details screen.
5. Enter the relevant details in the VAT Details screen.
To specify the VAT rate for the stock group in the VAT Details screen
1. Set the option Classification to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined classification. Once applied, the other options 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 .
3. Select the Tax type .
4. Click F12: Configure to configure additional details. The VAT Details screen appears as shown below:
5. Press Ctrl+A to accept, and return to the Stock Group Creation screen.
The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
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