India Service Tax RCM Liability Is Getting Transferred To Tax Liability When Service Tax Processing
Last updated on MARCH 06, 2017
Applies to:Oracle Financials for India - Version 12.2.4 and later
Information in this document applies to any platform.
India Service tax RCM Liability is getting transferred to Tax Liability when Service tax processing run. This is happening by generating GL journal entries. and RCM settlement invoice is getting accounted to Service tax liability account instead of RCM liability. So this is not in Accordance with LAW. So, RCM liability(Interim Liability) should not be transferred to Liability and RCM settlement invoice should be accounted to Interim liability.
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