VAT – FAQ
This topic includes the frequently asked questions on VAT.
How to move item level tax configurations to stock group level from tax rate setup?
Here are the pros and cons of moving item level tax configuration to stock group level (through Enforce Tariff/Rate option)
Pros
- It allows to define tariff/rate for set of items in a group at a single location.
- It automatically clears any tax details from items or sub-groups under the group eliminating the need to delete the details manually.
- It allows to update the tariff/rate for items from a single location.
Cons
- It is not advised to use enforce option if group contains items with different tax rates, as a single rate is applied by enforce option.
- It is not advised to use the enforce option when items contain history with multiple rates for different periods.
Procedure to move stock item level tax configuration to stock group level
To move the stock item level tax configurations to stock group level
- Gateway of Tally > Alter > type or select VAT Rate Setup > and press Enter.
Alternatively, press Alt+G (Go To) > Alter Master > type or select VAT Rate Setup > and press Enter.
Or
Gateway of Tally > Display More Report > Statutory Reports > VAT Reports > Tax Rate Setup.
Alternatively, press Alt+G (Go To) > type or select VAT Rate Setup > and press Enter. - Select a group and press Enter to know the tax details updated in each stock item.
- Press Esc and select the select the stock group (for example, Home Appliances), and press Alt+V (Enforce Rate).
- Provide all the tax details.
- Press Enter . The warning message appears as shown below:
- Press Enter . Now you can see the tax configuration updated for the stock group.