Chapter 57: Oracle Fusion Tax Implementation

Defining Default Taxes Rates for IGST Tax

Same like previous steps , We need to go Under this Tax Rule Defaults as below.

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

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

Enter the Tax Rate Code: 5% IGST (Please Note, This Tax Rate code should be same with the Tax Rates created in Previous Steps While creating Tax Rates).

Rate Percentage: 5

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

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 57: Oracle Fusion Tax Implementation

Now our Tax Setup has been completed in Oracle Fusion for Transaction Taxes. Now we will create the Transactions in Payables & Receivables and will use these Transaction taxes for AP & AR Transactions.