Creating Stock Groups (Goa)

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.    Press Ctrl+C to select the Trade name.

3.    Enter the Tax Rate. If tax rate entered in more than 0, the Tax Type displays Taxable. If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free.

To select type of goods, commodity and VAT schedule

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

o     Set type of goods?

o     Provide Main Commodity Name?

o     Provide commodity details?

o     Provide schedule details?

2.    Accept the Configuration screen.

3.    Select the Type of goods as required.

4.    Enter the name of Main Commodity, Commodity name and Commodity code.

5.    Enter the Tax rate.

6.    Select the VAT Schedule.

7.    Press Enter to save.