Chapter 18: Oracle Fusion Tax Implementation

Creating ‘9% SGST’ Tax rate for SGST Tax

Tax Regime Code: INDIA GST1

Configuration Owner: ABC CORP

Tax: INDIA SGST

Tax Status Code: STANDARD (As we created in Previous Steps)

Tax Jurisdiction: INDIA (As we created in Previous Steps)

Tax Rate Code: 9% SGST

Tax Rate Type: Percentage.

Rate Periods: 

Rate: 9

Effective Start Date: Date should be same as compared to Tax Regime.

Creating ‘9% SGST’ Tax rate for SGST Tax

Main Defaults: 

Tax Inclusion Method: Standard noninclusive handle 

Allow ad hoc tax Rate: Yes

Allow Tax Exemptions: Yes

Allow Tax Exceptions: Yes

Tax Point Basis: Invoice

Adjustment for Ad Hoc Tax Amounts: Taxable basis.

Creating ‘9% SGST’ Tax rate for SGST Tax

Tax Accounts:

Click on the ‘+’ icon to create the Tax Accounts.

Chapter 18: Oracle Fusion Tax Implementation

Select the Ledger: ABC CORP LEDGER

Business Unit: ABC CORP

Creating ‘9% SGST’ Tax rate for SGST Tax

Need to define the Interim Tax Account and Tax Liability Account. This is mandatory Setup accounts.

Creating ‘9% SGST’ Tax rate for SGST Tax

Creating ‘9% SGST’ Tax rate for SGST Tax