In order to start accounting for VAT Commodities in Tally ERP 9 Accounting Software we must incorporate the VAT Commodity in the Stock Item while creating the Stock Item in Tally Software. Simply creating the VAT Commodity will not produce the Commodity wise Report but it must be activated in Inventory.
|VAT Commodity selected for Stock Item - Cotton in Tally ERP 9|
Before proceeding to activate the VAT Commodity, first you need to create the VAT Commodity. And after that open the Stock Item in alteration mode or in the Stock Item Creation screen itself you can configure the VAT Commodity for the Stock Item.
- Open the Stock Item in alteration mode.
- Get to the VAT Details section and choose any one of the VAT Commodities from the List of VAT Commodities for Commodity field.
- Enter the percent of VAT for the Stock Item in the Rate of VAT (%) field.
Now the Stock Item is configured with the VAT Commodity in Tally ERP 9 Accounting Software.