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. 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.
3. Enter the Name of the new classification.
4. Enter the applicability dates with the corresponding tax rates in Applicable From and Tax Rate columns respectively.
Note: Click L: Details to view the VAT Rate Details screen, and to specify different VAT rates with separate Applicable From dates.
5. Select the required Nature of Transactions.
6. Enter the required details respective columns. The Stat Classification Creation screen appears as shown below:
7. Press Enter to save.
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