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, Commodity Name, Commodity Code, Schedule, 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
o Nature of transaction? to Yes.
o Type of goods to Yes.
o Provide commodity details? to Yes
o Schedule details? to Yes.
o Accept the Configuration screen.
2. Select the required Nature of Transaction.
3. Select the Type of goods.
4. Enter the Commodity Name and Commodity Code.
5. Select the tax Schedule and enter the Tax Rate. The Stat Classification Creation screen appears as shown below:
6. Press Enter to save.
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