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GST Tax Authority setup

GST Tax Authority setup

We need define a GST Tax authority in the system so to settle the tax liability. This is a base apps setup and we should define this setup before doing the GST transactions/ start setup as it will be required right at for setup of 1st party (own company).
Basically there should be only one GST tax authority pan India, this authority will have multiple regional office as well pertaining to specific type of GST tax like IGST+CGST with central Govt and SGST with State Gov.
Define a new supplier “INDIA GST AUTHORITY” with its Organization type = India Tax Authority
Make sure the type of supplier is ‘India Tax Authority’
As discussed above authority will have reginal office as well, so define corresponding address as site of the supplier in respective operating unit.
Multiple sites will be required for this supplier based on the states in which company have operations in.
We have defined two sites, one for Jharkhand and another for Maharashtra.

GST Regime

We can configure any new tax regime introduced by the statute by using the Regime definition form. For example, in the current context of GST tax, user can define a new tax regime called India GST and configure the system so to handle the transactions that have the GST applicability.
(N) Oracle Financials for India >> Tax Configuration >> Define Regime
Regime type = Transaction Tax
Define Reporting code with Entity – Regime (this is optional step)
Assigned this Reporting code at Regime level.
Click here for more articles on India GST implementation in Oracle EBS R12 and Decoding GST for India in Oracle EBS R12 way 
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