Maximum Retail Price (MRP) for a stock item can be enabled and VAT can be calculated on the MRP, if required. MRP can vary from one state to another, and the rate of the stock item can be automatically displayed in the sales invoice based on the state specified in the party master.
To define state-wise MRP
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create/Alter.
2. Enable the option Set/Alter Statutory Details? to view the Statutory Details screen.
3. Click F12: Configure to view the Tax Details Configuration screen.
4. Set the option Allow MRP/Marginal for stock items? to Yes as shown below:
5. Press Ctrl+A to accept and go to the Statutory Details screen.
6. Set the option Calculate VAT on MRP? to Yes.
7. Press Ctrl+A to accept the VAT Details screen.
8. Enable Set/alter MRP details? to Yes to view the MRP Details screen.
9. Press Enter to go to the Stock Item Creation/Alteration screen.
10. Press Enter to save.
