Create a user defined classification with tax details.
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 and Tax rate columns, respectively.
4. Press Enter to save.
To define Nature of Transactions and commodity details in the Stat Classification Creation screen
1. Click F12: Configure to enable the required options. In the configuration screen,
o Set the options Enable nature of transaction? to Yes.
o Press Ctrl+A to accept the configuration.
2. Select the required Nature of Transactions.
3. Enter the details in the respective columns. The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.
Click here for options provided in VAT Classification master as per state specific requirements of VAT/CST returns and annexures.
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