Stock Group

To create a user defined classification

Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.

Enter the Name of the new classification.

Enter the applicability date with the corresponding tax rates in Applicable From and Tax Rate columns.

The Stat Classification Creation screen appears as shown below:

Press Enter to save.

To define Nature of Transaction in the Stat Classification Creation screen

Click F12: Configure.

Set the options Enable nature of transaction? and Provide commodity details? to Yes.

Press Ctrl+A to save and return to the Stat Classification Creation screen.

Select the required Nature of Transaction.

Enter the Commodity Name and Commodity Code.

The Stat Classification screen appears as shown below:

Press Enter to save.

To use the helper to select Commodity name

Press Ctrl+C to enable the helper.

Select the Commodity name.

Using the helper automatically updates the Commodity Code.

To specify different VAT rates with separate Applicable From dates

1.  Press L: Details.

2.  Enter Applicable From date.

3.  Enter Commodity Name.

Note: Press Ctrl+C to use the Helper. Commodity names can be selected from the List of Commodities and the corresponding Commodity Code is automatically displayed.

4.  Enter Commodity Code, if Helper is not used.

5.  Select Type of Goods.

6.  Select Nature of Goods.

7.  Select schedule from the List of Schedules/Groups.

8.  Enter Schedule Serial No.

9.  Enter Tax Rate. Press enter without specifying the rate to select Exempt or TaxFree in the Taxability column.

10. Enter Cess.

The VAT Rate Details screen appears as shown below: