Creating Stock Groups (Chandigarh)

4. Enable the option Set/alter VAT details to display the VAT Details screen and provide the relevant details. The VAT Details screen appears as shown below:

To specify the VAT rate for the stock group

1. Set the Classification option in VAT Details screen to:

o Undefined if unique tax rate and commodity details have to be defined.

o Any of the user-defined Classification. Once applied, the other options disappear and cursor returns to Stock Group Creation screen.

2. Select the Type of goods.

3. Enter the Commodity Name and Commodity Code.

4. Enter the Tax Rate. If the Tax Rate entered is above 0, the Tax Type appears as Taxable. If Tax Rate is entered as 0, the Tax Type can be selected as Exempt or Tax Free.

5. Select the Schedule from List of Schedules/Groups.