Create stock groups for classifying items based on common features. You can also apply a common tax rate for all items in a stock group.
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 applied, the other options disappear and cursor returns to Stock Group Creation screen.
2. Select the Type of goods . This option appears when the option Set type of goods? is enabled in the Configuration screen.
3. Enter the Commodity Name and Commodity Code .
4. Enter the Tax Rate . If the Tax Rate entered is above 0, the Tax Type appears as Taxable . If Tax Rate is entered as 0, the Tax Type can be selected as Exempt or Tax Free .
5. Select the Schedule from List of Schedules/Groups .
5. Press Enter to save. The Stock Group Creation screen appears as shown below:
6. Press Enter to save.
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