You can create VAT classifications, and define nature of transactions in the Stat Classification Creation screen.
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 Configuration screen,
o Set the options Enable nature of transaction? and Provide commodity details? to Yes.
o Press Ctrl+A to 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 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 in respective columns.
The Stat Classification Creation screen appears as shown below:
7. Press Enter to save.
'VAT Classifications (Madhya Pradesh)' has been shared with