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Stock Item with Service Tax Details

To create stock item with service tax details, enable statutory option for stock items in the company’s F11: Features > Statutory & Taxation.

Stock item

1. Gateway of Tally > Create > type or select Stock Item> and press Enter.
   Alternatively, press Alt+G (Go To) > Create Master > Stock Item > and press Enter.
2. Enter Name for the stock item.
3. Select group in the field Under.
4. Select Units for the stock item.
5. Enable Set/alter service tax details to view the “Service Tax Details”
   • Define the Service category for the ledger. On selecting a service category, the service tax details defined in that service category will be inherited.
   • Enter the Name.
   • Enter rate of Service tax.
   • Enter rate of Education cess, if required
   • Enter rate of Secondary education cess, if required.
   • Enter rate of Swachh Bharat cess.
   • Enter rate of Krishi Kalyan cess.
     The Service Category Creation (Secondary) screen appears as shown below:
     
     
6. Press Enter to save.

Stock Group

To create stock group with service tax details, enable the option for stock group/items in Press F11 (Features) > set Enable Service Tax to Yes.

1. Gateway of Tally > Create > type or select Stock Group> and press Enter.
   Alternatively, press Alt+G (Go To) > Create Master > Stock Group > and press Enter.
2. Enter the Name for the group.
3. Select the category in the field Under.
4. Set the option Should quantities of items be added to Yes, if required.  
5. Enable Set/alter service tax details “Service Category Creation (Secondary)” 
   • Define the Service category for the ledger.
   • Enter the Name.
   • Enter rate of Service tax.
   • Enter rate of Education cess, if required
   • Enter rate of Secondary education cess, if required.
   • Enter rate of Swachh Bharat Cess.
   • Enter rate of Krishi Kalyan cess.
     The Service Category Creation (Secondary) screen appears as shown below:
     

Note: You can also view all the service tax details such as applicable from, category and others.

1. To view the service tax details
2. Press Alt+W on the Service Category Creation (Secondary) screen.