Stock Item

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

To specify the VAT rate for the stock group in the VAT Details screen

● Select a user defined VAT classification.

o On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.

● Specify VAT details

o Press Enter.

o Enter the Tax Rate and Cess. 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. Enable the option Set/Alter VAT Details if the item is not grouped under a stock group predefined with tax details.

7. Enter the VAT Details. The Stock Item Creation screen appears as shown below:

To specify the VAT rate for the stock item in the VAT Details screen

● Select a user defined VAT classification.

o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.

● Specify VAT details

o Press Enter.

o Enter the Tax Rate and Cess. 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.

To specify the Type of Goods, Nature of Goods, Commodity Name and Code

1. Press F12: Configure in the VAT Details screen.

2. Set the options Enable type of goods, Enable Nature of Goods, Provide commodity details to Yes.

3. Press Ctrl+A to save the screen and return to the VAT Details screen.

4. Select the required option in the Type of Goods and Nature of Goods fields.

5. Enter the Commodity Name and Commodity Code.

Setting MRP details

3. Press Ctrl+A to save the screen. and return to the Stock Item Creation screen.