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. The Stat Classification Creation screen appears as shown below:
Note: Click L: Details to view the VAT Rate Details screen, and to specify different VAT rates with separate Applicable From dates.
4. Press Enter to save.
To enter the commodity details in the Stat Classification master
1. Click F12: Configure.
2. Set the following options to Yes:
o Enable nature of transaction
o Enable commodity details
o Enable schedule details
3. Press Ctrl+A to accept the Configuration screen.
4. Enter the Commodity Name and Commodity Code (if required).
5. Select the required Schedule and enter the required Tax Rate. The Stat Classification creation screen appears as shown below:
6. Press Enter to save.
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