Creating Stock Groups (Punjab)

You can create stock groups and assign state specific VAT rates to every stock group. Once the VAT rate is applied at the stock group level, all stock items under the specific group will reflect the tax rate assigned to the stock group. However, you can override this while recording a transaction.

4. Enable 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 it is applied, rest of the options will disappear and the cursor will return to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.

2. Select the Calculation type as:

o On Quantity, if the tax is charged as a fixed amount on each unit. For example, if Rs. 3,000 has to be entered as the tax amount for each unit, select the Calculation type as On Quantity, and enter the Tax rate as Rs. 3,000 per unit and Surcharge as 10%.

o On Value, to enter the rate of VAT applicable on the stock item.

3. Enter the percentage of tax in Tax rate and Surcharge (if Calculation type is set to On Value). If tax rate entered in more than 0, the Tax Type is displayed as Taxable. If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free.

Select Type of Goods, Trade Name and Commodity Details

1. Click F12: Configure in VAT Details screen, and set the following options to Yes: