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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