Create a user defined classification with commodity details.
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. The Configuration screen appears.
o Set the options Enable nature of transaction? and Provide commodity details? and Provide schedule details? to Yes.
o 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. Press Ctrl+C and select the Commodity Name.
7. Enter the Commodity Code. The Stat Classification Creation screen appears as shown below:
8. Press Enter to save.
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