Friday, 11 December 2020

Chapter 3: Oracle Fusion Tax Implementation

Chapter 3: Oracle Fusion Tax Implementation

Hi friends, We are in the Oracle Fusion Tax Implementation series. This is the Lesson number 3 of this series. Lets start and learn how to Implement the Taxation in Oracle Fusion.
 

GST Transaction Tax Types: -

  • Intra-State supply of goods or services is when the location of the supplier and the place of supply i.e., location of the buyer are in the same state. In Intra-State transactions, a seller has to collect both CGST and SGST from the buyer. The CGST gets deposited with Central Government and SGST gets deposited with State Government.
  • Inter-State supply of goods or services is when the location of the supplier and the place of supply are in different states. Also, in cases of export or import of goods or services or when the supply of goods or services is made to or by a SEZ unit, the transaction is assumed to be Inter-State. In an Inter-State transaction, a seller must collect IGST from the buyer.

Chapter 3: Oracle Fusion Tax Implementation
Chapter 3: Oracle Fusion Tax Implementation
 

Working Example for CGST and SGST:


·      Let’s suppose Ravi is a dealer in Maharashtra who sold goods to Rakesh in Maharashtra worth Rs. 10,000. The GST rate is 18% comprising of CGST rate of 9% and SGST rate of 9%. In such case, the dealer collects Rs. 1800 of which Rs. 900 will go to the Central Government and Rs. 900 will go to the Maharashtra Government.

 

Working Example for IGST:


Consider that a businessman Rajesh from Maharashtra had sold goods to Anand from Gujarat worth Rs. 1,00,000. The GST rate is 18% comprised of 18% IGST. In such case, the dealer has to charge Rs. 18,000 as IGST. This IGST will go to the Centre.

India GST Tax Hierarchy: - 

Chapter 3: Oracle Fusion Tax Implementation
Chapter 3: Oracle Fusion Tax Implementation




0 comments:

Post a Comment

Contact us for any Collaboration, Project Support & On Job Support Work

Name

Email *

Message *