Creating Stock Groups (Telangana)

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 cursor returns to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.

2.     Enter 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.

To select the Nature of Goods

1.     Click F12: Configure of VAT Details screen.

2.     Set the options Enable Nature of Goods and Enable commodity details to Yes and save the configuration.

3.     Select the Nature of Goods in VAT Details screen.

4.     Enter the Commodity Name and Commodity Code. The VAT Details screen appears as shown below:

5.     Press Enter to save.