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 in the Stat Classification Creation screen. In the Configuration screen,
● Set the following options to Yes:
o Enable nature of transaction?
o Set type of goods?
o Provide Main Commodity Names?
o Provide commodity details?
o Provide Schedule details?
● Accept the Configuration screen.
3. Enter the Name of the new classification.
4. Enter the applicability dates with the corresponding tax rates in Applicable From, Commodity Name, Commodity Code, Schedule, 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 Transaction.
6. Select the Type of goods.
7. Enter the Main Commodity Name, Commodity Name and 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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