You can create stock items and set if the VAT is applicable for the stock items. You can also set the MRP in the stock item master along with state-wise rates for the items.
To create a stock item
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Name of the stock item.
3. Select the required group in Under field. If the stock group is predefined with tax rate and commodity details, the same gets applied to the stock. If it is set to Primary, tax and commodity which are specific to the stock item can be defined.
4. Select the required unit of measurement in Units field.
5. Set the option VAT Applicable to Applicable.
6. Enable the option Set/alter VAT details if the stock item does not belong to a stock group that has predefined tax rate.
7. Enter the tax details for the stock item in the VAT Details screen, and provide commodity details.
8. The Stock Item Creation screen appears as shown below:
9. Press Enter to save.
To enable MRP feature in stock item master
1. Click F12: Configure in Stock Item Creation screen.
o Enable the option Allow MRP/Marginal for stock item
o Press Ctrl+A to accept the Master Configuration screen.
2. Enable Set/alter MRP details in Stock Item Creation screen.
3. Enter the MRP Rate.
To enter MRP applicable on the stock item in different states
1. Click F12: Configure in MRP Details screen of stock item master.
2. Enable option Allow state-wise MRP.
3. Enter the Applicable From date.
4. Select the State Name from the List of States.
5. Enter the MRP Rate. The MRP Details screen appears as shown below:
6. Press Enter to save.
