Recording Sales at MRP (Puducherry)

4. Select the stock item for which Calculate VAT on MRP? is enabled and enter the Quantity, and Rate.

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 save.

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 Entre Tax rate.

o Select the option Taxable in Tax type field.

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

o Press Ctrl+A to save.

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.

5. Select the common VAT ledger. The rate will be calculated automatically based on MRP of the item.

Ledger must be grouped under Duties & Taxes with the following settings:

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

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