Chapter 55: Oracle Fusion Tax Implementation

Defining Default Taxes Rates for Each Transaction (GST) Taxes

Go to Setup and Maintenance ==> Search Task "Manage Taxes".

Defining Default Taxes Rates for Each Transaction taxes

Here below we have already created these three Transaction Taxes.

1. INDIA CGST

2. INDIA IGST

3. INDIA SGST

For Each Transaction Tax , We will define two steps as below.

1. First, we will define the Default Transaction Tax Percentage.

2. Second, We will enable each Taxes to be use in Transactions.

Defining Default Taxes Rates for Each Transaction taxes

Defining Default Taxes Rates for CGST Tax

 

Click on ‘INDIA CGST’ Tax. Under this tax go to Tax Rule Defaults as below.

Go to Tax Rate Option and Click on the Create Default button.

Chapter 55: Oracle Fusion Tax Implementation

Here below, we need to use the Tax Status Code ‘Standard’ As created in previous steps.

Enter the Tax Rate Code: 2.5% CGST (Please Note , This Tax Rate code should be same with the Tax Rates created in Previous Steps While creating Tax Rates).

We must provide at least one default Tax rate for each Transaction tax before enable the taxes.

Rate Percentage: 2.5.

Defining Default Taxes Rates for Each Transaction taxes

Here below Default Tax Rate is defined.

Chapter 55: Oracle Fusion Tax Implementation

Now in the Header of the Tax, we need to Enable this Tax. Select these two Options and then Save and Close.

Enable Tax for Simulation: Yes

Enable Tax for Transaction: Yes

Chapter 55: Oracle Fusion Tax Implementation

Important Step: In the same way, We will do this activity for rest of the Two Taxes INDIA SGST & INDIA IGST.