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.
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 respective columns. The Stat Classification Creation screen appears as shown below:
7. Press Enter to save.
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