Creating Stock Groups (Haryana)

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 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 define commodity details and nature of goods

1. Click F12: Configure and set the following options to Yes :

o Provide nature of goods.

o Provide commodity details.

o Set type of goods.

2. Press Ctrl+A to save.

3. Select the Type of Goods .

4. Select the Nature of goods as Manufactured or Lower Rate as per requirement.

5. Enter the Commodity name .

6. Enter the Commodity code .

7. Enter the Reporting UoM .

8. Enter the Tax rate and Surcharge .

9. Press Enter to save.