You can create VAT classifications, and define nature of transactions in the Stat Classification Creation screen.
To create a user defined classification
1. Enable the option to define tax and commodity details in masters.
2. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create .
3. Enter the Name of the new classification.
4. 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:
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. Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
1. Click F12: Configure .
2. Set the options Enable nature of transaction? and Provide commodity details? to Yes .
3. Press Ctrl+A to save and return to the Stat Classification Creation screen.
4. Select the required Nature of Transaction .
5. Enter the Commodity Name and Commodity Code .
The Stat Classification screen appears as shown below:
6. Press Enter to save.
