Stock Item

3. Select the required group in Under field. If the stock group is predefined with tax rate and commodity details, the same gets applied to the stock. If it is set to Primary, tax and commodity which are specific to the stock item can be defined.

To specify the VAT rate for the stock item

1. Select Undefined as the Classification n VAT Details screen, if unique tax rate and commodity details have to be defined.

In case any user-defined Classification is applied, rest of the options will disappear and cursor returns to Stock Item Creation screen. Click here to view the detailed procedure of creating VAT Classifications.

2. Enter the Commodity name and Commodity code or select using Ctrl+C: Helper option.

3. Enter the Tax rate and Additional tax.

Note: 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.

4. Select the Schedule number.

The VAT Details screen appears as shown below:

5. Press Enter to save and return to Stock Item Creation screen.

Providing Commodity Details

Setting MRP Details

3. Enable the option Allow MRP/Marginal for stock items? and accept the Master Configuration screen.

To enter MRP applicable on the stock item in different states

1. Click F12: Configure in MRP Details screen of stock item master.

2. Enable option Allow state-wise MRP?.

3. Enter the Applicable From date.

4. Select the State Name from the List of States.

5. Enter the MRP Rate for the specific state. The MRP Details screen appears as shown below:

6. Press Enter to save.