My Oracle Support Banner

Oracle Financials For India - Goods And Service Tax New And Upcoming Functionality (Doc ID 2345750.1)

Last updated on APRIL 06, 2021

Applies to:

Oracle Financials for India - Version 12.1.1 and later
Information in this document applies to any platform.

Details

Oracle Financial for India (OFI) - Goods & Service Tax (GST) Solution has numerous enhancement requested logged post release of the product. Oracle has reviewed these enhancement and has worked on solution on critical and important enhancement. This document will assist in understanding the various enhancement already incorporated in product. This will also help in understanding the upcoming major features in product.

Actions

 Following are the enhancements already incorporated in product:

Sl#

Enhancement Description

Functional Description

1 Provision for user to confirm taxes for particular delivery before ship confirm Provision to view and validate taxes recalculated for a delivery prior to ship confirm
2 Provision for handling refund vouchers for returning the refund Provision to claim tax offset on return of advances received for taxable supplies
3 Provision for picking up the Place of supply at line level in O2C cycle Place of supply field at line level for computing the correct taxes based on place of supply
4

GST on Return to Vendor (RTV)

Quantifying the GST tax to be reversed for an RTV transaction
5

Letter of Credit (LC) Functionality

OFI LC functionality including validation of LC balance prior to Delivery/ship confirm
6 Accounting tax offset for reverse charge on application of a prepayment to standard invoice Accounting with incorrect amount generated when prepayment having Reverse charge tax applied to a standard invoice
7 Automatic process to perform tax claim instead of manual process Process automation for matching the records in interim recovery with GSTR 2 and claiming final input tax credit
8  GSTR Returns Infrastructure  Reporting solution/infrastructure for :
1. GSTR 3 B
2. GSTR 1
3. GSTR 2
4. GSTR 3
9  GST Tax settlement and reconciliation  Solution for supporting the tax settlement and reconciliation of liability with GSTR 3
10  SHIP TO and BILL TO options for project tax determination basis/rule  SHIP TO & BILL TO attributes for Tax determination in projects
11 Support for generation of Delivery challan for Inter Org, RTV and OSP Delivery challan functionality for Inter Org, RTV & OSP
12 Defer Interface Trip Stop is not working as Intended in GST  Close integration between Interface Trip Stop and inventory on hand stock.
13 BOE Supplier Third Party Registration required for non Indian suppliers  Third party registration should not be required for Foreign Suppliers.
14 Document Sequencing for RCM transactions / No Tax Invoice Number generation for registered vendors RCM Invoices Document sequencing generation without third party registration setup for unregistered supplier/dealer.
15 Reverse Charge not getting reversed during Discard lines Accounting for reverse charge not getting reversed for discard lines.
16 Lot/Serial Number Button is missing in Inter org transactions Support for Lot/Serial number in Inter Org Functionality
17 Correction Entries for receipt  Correction accounting not generated.
18 TDS re-architecture to allow TDS concurrent not fire when TDS is not attached TDS concurrent not to fire if no TDS applied on invoice

 

Note:
1. Though some of the above mentioned features are available on top of RUP10, it is highly recommended to be on top of RUP11 and Post RUP11 to ensure that you are on the latest and greatest files of all the relevant transaction flows. Find below the patch details:

Sl #

Patch Name

12.1.X

12.2.X

1 RUP 11 <Patch 27212160:R12.JAI.B> <Patch 27421320:R12.JAI.C>
2 Post RUP11 one off <Patch 27435589:R12.JAI.B> <Patch 27435589:R12.JAI.C>

2. Please be informed that no one off patches will be released for the above mentioned enhancement requests.

  

Following are the enhancements still under consideration (No ETA's for now. If approved for consideration the note shall be updated accordingly):

Sl#

Enhancement Description

1 Process automation for reversal of input tax credit along with interest if payments to the supplier are not made within 180 days from the date of tax invoice
2 BOE Tax rounding at Tax type level for all the lines
3 Provision to calculate taxes from express receipts
4 Support for Cross Country IR-ISO flow and have cross ledger IR-ISO flows
5 Discard of Tax Lines during Item Lines Discard and related downstream flows
6 Support for central procurement with one PO allowing Ship to org from multiple OU's (All GST forms and reports should be secured by MO: Security profile)
7 Support for Mixed and Composite type of procurement & Sales
8 Drop Ship Feature

 

 

Contacts

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Details
Actions
 Sl#
 Enhancement Description
 Functional Description
 Sl #
 Patch Name
 12.1.X
 12.2.X
 Sl#
 Enhancement Description
Contacts
References

My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.