Sales at MRP (Karnataka)

You can record a sale transaction with tax on MRP using the procedure in this topic.

4. Select the stock item for which Calculate VAT on MRP is enabled and enter the Quantity , and Rate .

To create stock item with MRP

1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create .

2. Click F12: Configure .

o Set the option Allow MRP/Marginal for stock items? to Yes .

o Press Ctrl+A to accept.

3. Enter the stock item name in Name field.

4. Select the required group in Under field.

5. Select the unit of measure in the Units field.

6. Select the option Applicable in the VAT Applicable field.

7. Enable Set/alter VAT details? .

o Enter the Tax rate . Tax type is set as Taxable if tax rate is above 0.

o Set the option Calculate VAT on MRP? to Yes .

o Press Ctrl+A to accept the VAT Details screen.

8. Enable Set/alter MRP details? to Yes .

o Enter the MRP value in the MRP Rate field of MRP Details screen.

o Press Enter .

9. Press Enter to save.

5. Select the common VAT ledger. The rate will be calculated automatically based on MRP defined for the item. The ledger must be grouped under Duties & Taxes in which the options: