Chapter 15: Oracle Fusion Tax Implementation

Creating Tax Rates for Transaction Taxes under Tax Regime in Oracle Fusion

Hi friends, We are in the Oracle Fusion Tax Implementation series. This is the Lesson number 15 of this series. Lets start and learn how to Implement the Taxation in Oracle Fusion.

Here below we have create the three Tax Status for all thee GST Transaction Taxes.

Creating Tax Rates for Transaction Taxes under Tax Regime

Go to ‘Manage Tax Rates’ task list and go to this task list as below.

Click on the ‘+’ icon to create the new Tax Rates for all Transaction Taxes.

Creating Tax Rates for Transaction Taxes under Tax Regime in Oracle Fusion

Creating ‘2.5% 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: 2.5% SGST

Tax Rate Type: Percentage.

Rate Periods: 

Rate: 2.5

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

Creating Tax Rates for Transaction Taxes under Tax Regime in Oracle Fusion

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 Tax Rates for Transaction Taxes under Tax Regime in Oracle Fusion