You can create VAT classifications depending on different tax rates and specify commodity details in the Stat Classification master itself.
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 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? and Provide commodity details? to Yes.
o Press Ctrl+A to accept the configuration.
2. Select the required Nature of Transactions.
3. Enter the required details respective columns. The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.
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