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Set Up Stock Items for GST

Whether you have one or more stock items, you can define the GST applicability and provide the necessary GST details in the stock items. If you have multiple stock items, it is recommended that you define the GST Rate and HSN SAC details in each stock item or corresponding stock groups.  

1. Create your Stock Items, with appropriate Units.
2. Set GST applicability to Applicable.
3. Set HSN/SAC & Related Details and GST Rate & Related Details, as required.
   This is applicable, if you want to set the HSN/SAC and GST Rates to be picked from the Stock items. If your stock items are created under specific Stock Group, you can define these GST details directly in the Stock Group.
4. If you are eligible for ITC claims, set Eligible for ITC as Yes.
   
5. Configure MRP for the stock items for GST calculation.
   This is applicable, if your stock items have different slab rates and you want to consider MRP for calculation of GST rate under the slab rate.
   1. Press F12 (Configure) > set Provide MRP details to Yes.
   2. In the stock item screen, enable Set/Alter MRP details to Yes. 
   3. In the MRP Details screen:
      1. Allow MRP modification in voucher: Set this option to Yes, if you want to modify the MRP during the transaction.
      2. Enter the MRP Rate.
   4. Set the applicability date for MRP.
6. Provide other necessary details, and press Ctrl+A to save.