Sales at MRP (Karnataka)

To create stock item with MRP

1.     Go to Gateway of Tally > Inventory Info. > Stock Items > Create.

2.     Click F12: Configure.

o      Set the option Allow MRP/Marginal for stock items? to Yes.

o      Press Ctrl+A to accept.

3.     Enter the stock item name in Name field.

4.     Select the required group in Under field.

5.     Select the unit of measure in the Units field.

6.     Select the option Applicable in the VAT Applicable field.

7.     Enable Set/alter VAT details?.

o      Enter the Tax rate. Tax type is set as Taxable if tax rate is above 0.

o      Set the option Calculate VAT on MRP? to Yes.

o      Press Ctrl+A to accept the VAT Details screen.

8.     Enable Set/alter MRP details? to Yes.

o      Enter the MRP value in the MRP Rate field of MRP Details screen.

o      Press Enter.

9.     Press Enter to save.

The ledger must be grouped under Duties & Taxes in which the options:

●      Type of duty/tax set to VAT (CST in case of interstate sales).

●      Percentage of Calculation (eg 5)? set to 0.