Creating Stock Items (Assam)

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      Select the option Undefined in the Classification field of VAT Details screen.

o      Enter the Tax rate. 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 VAT rate for the stock item in the VAT Details screen

1.     Set the Classification option in VAT Details screen to:

o       Undefined if unique tax rate and commodity details have to be defined.

Or

o      Any of the user-defined Classification. Once it 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.

3.     Select the Reporting UoM.

4.     Enter the Tax rate.

5.     Press Ctrl+A to save the VAT Details screen.

To enter commodity and VAT details for the stock item

1.     Set the Classification option in VAT Details screen to:

●       Undefined if unique tax rate and commodity details have to be defined.

Or

●      Any of the user-defined Classification. Once it 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.     Click F12: Configure to configure additional details.

3.     Select the required Type of Goods.

4.     Enter the Commodity name and Commodity code.

5.     Select the required Calculation type.

6.     Enter the Tax rate.

7.     Select the required Schedule.

The VAT Details screen appears as shown below:

8.     Press Enter to save the VAT Details screen.