VAT Classifications

You can create user defined classification with VAT details.

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? 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 details in the respective columns. The Stat Classification Creation screen appears as shown below:

7.    Press Enter to save.

Click here for options provided in VAT Classification master of some of the VAT states, as per state specific requirements of VAT/CST returns and annexures.