To create a user defined classification
1. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
2. Enter the Name of the new classification.
3. Enter the applicability dates with the corresponding tax rates in Applicable From, Trade Name, and Tax Rate columns, respectively.
4. Press Enter to save.
To enter the commodity details for the classification
1. Click F12: Configure in the Stat Classification Creation screen and enable the required options.
In the Configuration screen, set the options,
● Enable nature of transaction? to Yes
● Set type of goods? to Yes
● Provide Trade Name? to Yes
● Provide commodity details? to Yes
Press Enter to accept.
2. Select the required Nature of Transaction.
3. Select the Type of goods.
4. Enter the date in Applicable From field.
5. Press Ctrl+C to select the Trade name.
6. Select the Commodity name.
7. Enter the Commodity Code.
8. Select the tax Schedule and enter the Tax rate. The Stat Classification Creation screen appears as shown below:
9. Press Enter to save.
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