Creating Stock Item for Custom Duty (Excise for Importer)

In Tally.ERP 9, you can create stock items with the applicable excise details.

To create a stock item

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

2. Enter the Name of the stock item.

3. Select the stock group in the field Under .

4. Select the required Units .

5. Select Applicable in the field Is Excise Applicable?

6. Enable the option Set/alter excise details? .

o Enter Tariff Name .

o Enter HSN code .

o Select the Reporting UOM .

o The cursor skips the field Valuation Type . To modify it, click F12: Configure .

o Enter the Rate of duty.

The completed Excise Tariff Details screen appears as shown below:

o Press Enter to save.

7. Enter the Conversion Factor .

o To convert the unit of measure defined in the Units field to the Reporting UOM predefined in the selected Excise Classification .

8. Select Applicable in the field VAT Applicable? , if required.

9. Enable the option Set/alter VAT details? , if required.

10. Enter the Opening Balance , if required. The completed stock item creation screen appears as shown below:

11. Press Enter to accept.