Chapter 8: Oracle Fusion Tax Implementation

Hi friends, We are in the Oracle Fusion Tax Implementation series. This is the Lesson number 8 of this series. Lets start and learn how to Implement the Taxation in Oracle Fusion

Here below , We have created the Transaction Tax Regime for GST Tax as below:

Chapter 8: Oracle Fusion Tax Implementation

Creating Transaction Taxes Under Tax Regime

Types of Taxes under GST Tax Regime

1.INDIA SGST.

2.INDIA CGST.

3.INDIA IGST

Step1: - Go to Manage Taxes task and will go to this below Page , as below. Click on the ‘+’ icon to create the New Taxes under the GST regime 'India GST1'.

Navigation ==> Setup and Maintenance ==> Manage Taxes.

Chapter 8: Oracle Fusion Tax Implementation

Creating CGST Tax in GST Regime

Tax Regime Code: INDIA GST1 (Need to select the Right Regime, we created in Last step)

Configuration Owner: ABC CORP (Need to Select the BU Name for which we want to use this Tax).

TAX: INDIA CGST (TAX Name we need to enter, can enter any name but should be logical).

TAX: INDIA CGST (TAX Name we need to enter, can enter any name but should be logical).

Start Date: Same Date as we entered in the Tax Regime.

Tax Information:

Geography Type: Country 

Tax Currency: INR

Tax Precision : 0 (We don’t want the Tax in Decimal).

Control and Defaults: 

Tax Point Basis : Invoice 

Tax Inclusion Method: Standard noninclusive 

Allow override and Entry of inclusive tax lines : Yes

Allow tax rounding overrise: Yes

Allow entry of Manual Tax Lines: Yes

Tax Exceptions and Exemptions:

Allow Tax Exceptions : Yes

Allow Tax Exemptions : Yes

Chapter 8: Oracle Fusion Tax Implementation

Chapter 8: Oracle Fusion Tax Implementation