The Closing Stock Summary displays closing stock value with tax rate-wise breakup. This report is supported for company data comprising of inventory details as it is a pure inventory report.
To capture values in Closing Stock Summary
● Stock item must be enabled for VAT.
● Tax rate should be configured in stock group/stock item.
To generate the Closing Stock Summary
● Go to Gateway of Tally > Display > Statutory Reports > VAT > Closing Stock Summary .
In Closing Stock Summary , the rate-wise breakup of closing stock value appears for stock items VAT enabled, and configured with tax rate (in stock group/item).
The Closing Stock Summary appears as shown below:
Note: Tax rate for multiple stock items or groups can be defined from the Tax Rate Setup screen.
A brief explanation about the form fields is given below:
|
Field Names |
Description |
|
Rate of Tax % |
● Displays the rate of tax from the stock item, if the tax rate is predefined, o Only in stock item. o In stock item and stock group. ● Displays the rate of tax from the:stock group master, if the tax rate is not predefined in the stock item. |
|
Stock Value |
Displays the closing stock value based on the valuation method (defined in the stock item master), of all stock items with same VAT rate. |
The details shown in this report has to be manually entered in the Closing Stock Summary of department portal www.keralataxes.gov.in .
To enter the details of tax rate-wise closing stock in the department website
1. Login to the department website with valid TIN and Password .
2. Click Upload Closing Stock .
3. Select the Assessment Year .
4. Click Closing Stock Summary .
5. Enter the Rate of Tax and Stock Value by referring to the Closing Stock Summary report.
Note: The values shown in Stock Summary and Closing Stock Summary will differ as the values of non-VATable stock items are not considered in Closing Stock Summary .