Stock items are goods that you manufacture or trade (sell and purchase). It is the primary inventory entity. Stock Items in the Inventory transactions are similar to ledgers being used in accounting transactions.
1. Creating Single Stock Items and Goods
1. Go to Gateway of Tally > Inventory Info. > Stock Item > Create (under Single Stock Item ).
2. Enter the Name of the Stock Item.
3. Enter the Alias name of Stock Item (if required).
4. The field Under will show the List of Groups . Here you can select the Stock Group to which the Stock Item belongs. By default, Primary Stock Group appears in this field.
Note: You can create a new stock Group by pressing Alt+C at this field.
5. This field will show the Unit List . Here you can select the Unit of measure (UoM) applicable for the stock item. By default, Not Applicable appears in this field.
Note: You can create a new UoM by pressing Alt+C at this field. For stock items without UoM, the cursor will not move to the Quantity field during voucher entry.
2. Setting GST Details in Stock Items ( Tax On Value)
6. If GST is enabled, set GST Applicable to Applicable and enter the GST details by enabling the option Set/alter GST Details to Yes. You will get the window of GST Details for Stock Item as below:
Taxability :
Select Taxable for goods and services that are classified as taxable type of supply under GST. Select Exempt , if the type of supply is exempted from tax under GST, or select Nil Rated , if the tax rate applicable to the type of supply is 0% under GST.
Integrated Tax :
When you enter the integrated tax, state tax and central tax are calculated as half of the integrated tax specified. You can change state tax or central tax, and manage other GST details by using F12 configuration.
Press Ctrl+A to save.
7. Specify the details of Opening Balance , if any, for the Stock Item as on the date of Beginning of Books.
- In the Quantity Field, specify the stock item Quantity.
- In the Rate field, specify the stock item Rate.
- In the Value field, Tally.ERP 9 automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, Tally.ERP 9 automatically refreshes the Rate field accordingly.
The Stock Item Creation screen appears as shown:
[Practical Assignment] – DO IT YOURSELF !
Create the following Items and Goods will all Details given…like Stock Group, HSN Code, GST Rate, Opening Quantity with Rate:
3. Setting Slab-wise GST Details in Stock Items (Tax On Item Rate)
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Alter > select the item.
2. Set/Alter GST Details – Yes .
3. Calculation type – On Item Rate .
The Tax on Item Rates screen appears.
- Consider additional expense/income ledger for slab rate calculation – Set this option to Yes when you want to apportion additional expenses in slab rate calculation for a stock item.
- Under Rate , set the slab rates in Greater than and Up to .
- Set the Tax Type and Integrated Tax Rate . The Central Tax Rate and State Tax Rate will get automatically calculated.
- Press Ctrl+A to accept.
4. Press Ctrl+A to accept the GST Details screen.
5. Save the details in the Stock Item Alteration screen.
4. Setting MRP details in Stock Items using Tally.ERP9
To capture the MRP of stock items in the invoice, you have to enter the MRP details in the stock item master.
1. Click F12: Configure in the Stock Item Alteration / Creation screen.
2. Allow MRP/Marginal for stock item? – Yes .
3. Press Ctrl+A to accept.
To enter the MRP for the stock item
1. In the Stock Item Alteration screen, enable Set/alter MRP details?
2. In the MRP Details screen:
- Allow MRP modification in voucher? – Yes , if you want to modify the MRP during the transaction.
- Consider MRP for calculation of GST rate in Slab rate? – Set this to Yes if you want the MRP of a stock item to be considered for GST rate calculation when slab rates are applicable. In this case, the tax amount still gets calculated on the selling price of the item.
- Enter the MRP Rate/Margin .
- Press Ctrl+A to accept.
3. In the Stock Item Alteration screen, press Enter to save.
5. Nil-Rated, Exempted, Zero Rated & Non-GST Items and Goods using Tally.ERP9
With the introduction of GST, the goods and services have been classified into Nil Rated, Exempted, Zero Rated and Non-GST supplies. The Purchase or Sales of these goods to a local or interstate customer does not attract GST, and can be recorded using a Purchase / Sales voucher. Let us take a look at what distinguishes each of them with some examples:
| Supply | GST Applicable | Type of Supply | Eligibility for ITC | Examples |
| Nil Rated | 0% | Everyday items | No | Grains, Salt, Jaggery, etc. |
| Exempted | – | Basic essentials | No | Bread, Fresh fruits, Fresh milk, Curd, etc. |
| Zero Rated | 0% | Overseas supplies, Supply to Special Economic Zones (SEZ) or SEZ Developers | Yes | – |
| Non-GST | – | Supplies for which GST is not applicable but can attract other taxes | No | Petrol, Alcohol, etc. |
In case of above Items and Goods , the option Nil Rated / Exempt has to be selected as the Taxability in the GST Details screen of the item or item group master.
5.1. Setting Nil-Rated & Exempted items and Goods
[Practical Assignment] – DO IT YOURSELF !
Swayam Sales deals the following Nil-Rated / Exempted Items and goods which purchased and sold in his business. Create the following Items as details given.
| Name of Items | Unit of Measurement | Taxability of GST |
| Moong Dal | (Unit is Kg. with Decimal 3) | with Nil Rated GST |
| Salt | (Unit is Kg. with Decimal 3) | with Nil Rated GST |
| Bread | ( Unit is Pcs.) | with Exempt GST |
| Fruits | ( Unit is Kg. with Decimal 3) | with Exempt GST |
5.2. Setting Non-GST Goods :
Some goods such as petroleum crude, high-speed diesel, motor spirit (petrol), natural gas, aviation turbine fuel, and liquor fit for human consumption, are not covered under GST and hence are classified as non-GST goods. In Tally.ERP 9, items can be set as non-GST goods.
1. In the GST Details screen of the stock item or stock group, click F12: Configure .
2. Enable the option Set type of goods? To Yes
3. Press Ctrl+A to accept.
4. In the GST Details screen, set the option Is non-GST goods? to Yes to configure the item/group as Non-GST.
5. Press Ctrl+A to accept.
6. Save the item or group master.