In Tally.ERP 9, you can create stock groups and configure the VAT details accordingly.
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 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:
● Undefined if unique tax rate and commodity details have to be defined.
● 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 :
● Enable Nature of Goods.
● Enable Commodity Details.
2. Accept the Configuration screen.
3. Select the Nature of Goods as Manufactured or Not Applicable as per requirement.
4. Press Ctrl+C (helper button) and select the Commodity Name .
5. Enter the Commodity Code .
6. Enter the tax rates.
7. Press Enter to save.
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