Creating Stock Items (Puducherry)

Stock items are tradeable goods. You can create a stock item inventory master, and select the same in transactions. Stock items can be created with MRP applicable globally or for specific state.

3. Select the required group in the Under field. If the selected stock group is predefined with tax rate and commodity details, these are applied to the stock item. If Primary is selected, the tax and commodity details specific to the stock item can be defined.

To specify the VAT rate for the stock group in the VAT Details screen

● Select a user defined VAT classification. On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.

● Specify VAT details

o Enter the Tax rate. If the Tax rate entered is above 0, the Tax type automatically appears as Taxable.

o Enter 0 as the Tax rate, to select the Exempt or Tax Free as the Tax type.

6. Enable the option Set/alter VAT details?. Enable this option if the item is not grouped under a stock group defined with tax details.

To specify the VAT rate for the stock item in the VAT Details screen

● Select a user defined VAT classification. On selecting a user defined VAT classification, the Stock Group Creation screen is displayed.

● Specify VAT details

o Enter the Tax rate. If the Tax rate entered is above 0, the Tax type automatically appears as Taxable.

o Enter 0 as the Tax rate, to select the Exempt or Tax Free as the Tax type.

To provide additional tax/rate details

1. Enable Set/alter VAT details?.

2. Press F12: Configure to view the Configuration screen.

3. Set the following options to Yes, if required.

o Set type of goods?

o Provide nature of goods?

o Provide commodity details?

o Press Ctrl+A.

4. Select Type of goods.

5. Select Nature of goods.

6. Enter the Commodity name and Commodity code.

7. Press L: Details to specify different VAT rates with separate Applicable From dates, if required.

8. Enter the Tax rate. Press enter without specifying the rate to select Exempt or Tax Free in the Tax type field.

The VAT Details screen appears as shown below:

9. Press Enter.

10. Press Ctrl+A to save the Stock Item Creation screen.

Setting MRP Details

1. Click F12: Configure in the Stock Item Creation screen. In the configuration screen,

3. Set the option Allow MRP modification in voucher? to Yes, to enable altering the MRP rate while recording the voucher.

2. Enable the option Allow state-wise MRP?. The MRP Details screen changes to display Applicable From, State Name, and MRP Rate columns.