Recording Sales at MRP (Telangana)

To create stock item with MRP

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

2.     Press F12:Configure button.

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

●      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.

●      Entre Tax Rate and select the option Taxable in Type of Tax field of VAT Details screen.

●      Set the option Calculate VAT on MRP to Yes.

●      Press Ctrl+A to save.

8.     Enable Set/alter MRP details to Yes.

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

10.  Press Enter.

11.  Press Enter to save.

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)

• Use for Purchase Tax is disabled.

• Percentage of Calculation is set to 0.