To create a user defined classification
1. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
2. Enter the Name of the new classification.
3. Enter the applicability dates with the corresponding tax rates in Applicable From and Tax Rate columns, respectively. The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
1. Click F12: Configure.
o Set the option Enable nature of transaction to Yes.
o Accept the Configuration screen.
2. Select the required Nature of Transactions.
3. Enter the Commodity Name, Commodity Code and Schedule along with exiting details respectively. The Stat Classification Creation screen appears as shown below:
4. Press Enter to save.