The Closing Stock Summary displays closing stock value with tax rate-wise breakup. This report is supported for company data comprising of inventory details as it is a pure inventory report.
To generate the Closing Stock Summary
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Closing Stock Summary.
In Closing Stock Summary, the rate-wise breakup of closing stock value appears for stock items VAT enabled, and configured with tax rate (in stock group/item).
The Closing Stock Summary appears as shown below:
Note: Tax rate for multiple stock items or groups can be defined from the Tax Rate Setup screen.
A brief explanation about the form fields is given below:
| Field Names | Description |
Rate of Tax % |
● Displays the rate of tax from the stock item, if the tax rate is predefined, o Only in stock item. o In stock item and stock group. ● Displays the rate of tax from the:stock group master, if the tax rate is not predefined in the stock item. |
Stock Value |
Displays the closing stock value based on the valuation method (defined in the stock item master), of all stock items with same VAT rate. |
The details shown in this report has to be manually entered in the Closing Stock Summary of department portal www.keralataxes.gov.in.
To enter the details of tax rate-wise closing stock in the department website
1. Login to the department website with valid TIN and Password.
2. Click Upload Closing Stock.
3. Select the Assessment Year.
4. Click Closing Stock Summary.
5. Enter the Rate of Tax and Stock Value by referring to the Closing Stock Summary report.
Note: The values shown in Stock Summary and Closing Stock Summary will differ as the values of non-VATable stock items are not considered in Closing Stock Summary.