R12.1:GST:JAI:AP: How to define separate tax types for Regular GST and Self-Assessed GST?
Last updated on JUNE 30, 2017
Applies to:Oracle Financials for India - Version 12.1.3 and later
Information in this document applies to any platform.
Is it necessary to define separate tax types for Regular GST and Self-Assessed GST?
Need to decide the structure for new GST tax structure and so need to understand.
As per the documentation released as part of Phase2 P2P functionality for GST,
it is mentioned that in case of supplier advances, self-assessed tax shall be calculated first
at the time of Prepayment creation by associating the right GST self-assessed tax rates
(the tax rate at this level shall have Self-assessed checked at tax rate/tax type level).
Now at the time of original invoice creation, the user will be associating a regular tax rate.
The system will know if the offset entry needs to be created only when the application of the invoice to the prepayment happens.
Observe that in fact the user can use a single tax type by having both recoverable and self-assessed flags checked.
Not sure if this is the best option in the context that the user will need to calculate Self-assessed on unregistered supplier invoices as well.
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