Creating VAT Classifications (Chandigarh)

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 and enable the required options. In the Configuration screen,

● Set the following options to Yes .

o Nature of transaction?

o Type of goods?

o Provide commodity details?

o Schedule details?

● Press Enter to save.

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 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.