Chapter 6: Oracle Fusion Tax Implementation

India GST Implementation in Oracle Fusion

Here above, we have explained all about India GST Transaction Tax.  We have frozen the Tax classification code and Tax Rates also and their names which we will be using and creating in this GST Transaction Implementation.

Creating Tax Regime for GST

The tax regime provides these functions:

• Groups similar taxes together

• Designates the geography within which taxes apply

• Applies as defaults the settings and values that you define for each tax in the tax regime

• Defines for which taxes the configuration options apply and a specific subscription option applies

• Provides a single registration for all taxes associated with the tax regime

• Defines the use of fiscal classifications as follows:

• Transaction fiscal classifications

• Product fiscal classifications

• Party fiscal classifications

The common tax regime setup is one tax regime per country per tax type, with the tax requirements administered by a government tax authority for the entire country. There are also cases where tax regimes are defined for standard geographical types or subdivisions within a country, such as a state, province, country, or city. In these cases, you base the tax regime on the Oracle Fusion Trading Community Model standard geography.

Step1: -  Go to Setup and Maintenance Role and Click on the task Pane to go to Search Option as below.

Chapter 6: Oracle Fusion Tax Implementation

Step 2:- Here below , We are searching the Task ‘Manage Tax Regimes’ to create the New Tax Regime for GST.

Chapter 6: Oracle Fusion Tax Implementation

Step 3:- 

Here below is the Tax Regime, where we need to create the Transaction Tax Regime for GST. 

Please ensure, you have selected the Transaction Tax Option in the radio box. 

Click on the ‘+’ icon to create the New Tax regime.

Chapter 6: Oracle Fusion Tax Implementation