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 

Goods and Service Tax Overview (India)

What is Goods and Service Tax (GST) ?

Goods and Services Tax(GST) is a destination based tax applicable for supply of goods and services or both administered concurrently by the Center and State Governments through out the value chain.

GST is considered the largest indirect tax reform in India and will replace multiple indirect taxes that are administered by the Central and State Governments. 


The Goods and Services Tax Network (GSTN), has been tasked by the Government of India with building and maintaining the centralized, national level government IT infrastructure required for GST.


What will be the Expected Impact of Implementation of GST ?

Numerous Indirect taxes administered by Central and State Government will be Phased out to Provide Way for GST.

What is the proposed GST Structure?
  
GST Structure is going to have the following taxes:
 
CGST (Central Tax) => Applicable for Intra State Supply of Good and Services.
 
SGST (State Tax) => Applicable for Intra State Supply of Good and Services.
 
IGST (Central Tax) => Applicable for Inter State Supply of Good and Services and Import ofGoods and Services to India. 

Please use below document for setup and presentations

E-Business Suite Release 12: India Goods and Service Tax (GST) Info Center (Doc ID 2176820.2)

Setup Steps For India GST in Oracle R12