Creating Tax Regime
Here we are creating the Tax Regime for GST. We need to
enter the Information’s very carefully.
Tax Regime Code: INDIA GST1
Tax Regime Name; INDIA GST1
Start Date: - The Date from which you want to start the
Taxes. I would recommend using 3 to 4 years back date.
Regime Level: Country (As we have the same Tax Rules across
the country so we will select the Country)
Country: India (We are implementing for India).
Tax Currency: INR.
Conversion Rate Type: Corporate( This is very Important, We
have to select the right Conversion Rate Type).
Allow Tax Rounding Override: Yes.
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| Chapter 7: Oracle Fusion Tax Implementation |
General Controls:
Allow override and entry of Inclusive Tax lines: Yes
Registration Number Controls and Defaults:
Validation Type: ORA_IN_GST
Validation Level: Warning
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| Chapter 7: Oracle Fusion Tax Implementation |
Configuration Options and Service Subscriptions
In Configuration options, we need to select the BU’s for
which we need to enable this Tax Regime. Only these BU’s will have the access
for this Tax Regime.
Party Name: ABC CORP (We need to select the BU Name which
will access these regime tax rates).
Configuration for Taxes and Rules: Common configuration
with party overrides.
Configuration for Product Exceptions: Party- specific
configurations.
Effective Start Date: Same as the Start Date entered
above in the Tax Regime
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| Chapter 7: Oracle Fusion Tax Implementation |
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