A list of all products with their selling/purchase prices
An item price list is a structured record of all products or goods in a business along with their associated selling prices, purchase prices, MRP (Maximum Retail Price), and sometimes wholesale or dealer prices. It serves as a quick reference for sales staff, distributors, and customers, ensuring consistent pricing across all transactions. In Indian businesses, maintaining an accurate price list is particularly important because of GST — the selling price determines the taxable value, and any mismatch between the price list and invoiced amount can lead to discrepancies during GST audits. A well-maintained price list also includes details like HSN code, unit of measurement, applicable GST rate, and any trade discounts. For businesses dealing with multiple customer segments — such as retail, wholesale, and distributor — separate price tiers may exist within the same price list. Price lists need regular updates to reflect changes in raw material costs, supplier pricing, government taxes, or market competition. Indian businesses in sectors like FMCG, hardware, auto parts, and textiles often share printed or digital price lists with their dealers and distributors at the start of each quarter or financial year.
Meena runs a stationery wholesale business in Chennai. She maintains a price list for her top products: Classmate Notebook (200 pages) — Purchase Price: Rs. 45, Selling Price (Retail): Rs. 60, Selling Price (Wholesale): Rs. 52, MRP: Rs. 65, GST: 12%. Cello Butterflow Pen (pack of 10) — Purchase Price: Rs. 68, Selling Price (Retail): Rs. 90, Selling Price (Wholesale): Rs. 78, MRP: Rs. 100, GST: 18%. When her salesman creates a sales invoice in Stock Register, the selling price auto-fills based on whether the customer is a retail or wholesale buyer, ensuring the correct rate and GST are applied every time. This avoids manual errors and maintains her margins at 15-20%.
Yes, in Stock Register you can define multiple price tiers — such as retail price, wholesale price, and distributor price — for each item. When you create a sales invoice, the system picks the appropriate price based on the customer type or price tier assigned to that party, ensuring consistent and accurate pricing across all your sales channels.
The item price list stores the HSN code and GST rate for each product. When you create an invoice, these details are automatically applied, ensuring the correct tax is charged. This reduces the risk of GST mismatches during filing and makes it easier to reconcile your GSTR-1 and GSTR-3B with your actual sales data.
Updating the price list only affects future transactions. All previously created invoices retain the price at which the transaction was originally recorded. This ensures your historical records remain accurate for audit purposes and comply with GST regulations, which require invoices to reflect the actual transaction value at the time of sale.
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