Creating ‘28% IGST’ Tax rate for IGST Tax
Tax Regime Code: INDIA GST1
Configuration Owner: ABC CORP
Tax: INDIA IGST
Tax Status Code: STANDARD (As we created in Previous Steps)
Tax Jurisdiction: INDIA (As we created in Previous Steps)
Tax Rate Code: 28% IGST
Tax Rate Type: Percentage.
Rate Periods:
Rate: 28
Effective Start Date: Date should be same as compared to Tax Regime.
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| Chapter 26: Oracle Fusion Tax Implementation |
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.
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| Chapter 26: Oracle Fusion Tax Implementation |
Tax Accounts:
Click on the ‘+’ icon to create the Tax Accounts.
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| Chapter 26: Oracle Fusion Tax Implementation |
Select the Ledger: ABC CORP LEDGER
Business Unit: ABC CORP
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| Chapter 26: Oracle Fusion Tax Implementation |
Need to define the Interim Tax Account and Tax Liability Account. This is mandatory Setup accounts.
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| Chapter 26: Oracle Fusion Tax Implementation |
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