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.