Oracle Financials For India - Goods And Service Tax New And Upcoming Functionality
(Doc ID 2345750.1)
Last updated on APRIL 06, 2021
Oracle Financials for India - Version 12.1.1 and later Information in this document applies to any platform.
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.
Following are the enhancements already incorporated in product:
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
Provision for handling refund vouchers for returning the refund
Provision to claim tax offset on return of advances received for taxable supplies
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
GST on Return to Vendor (RTV)
Quantifying the GST tax to be reversed for an RTV transaction
Letter of Credit (LC) Functionality
OFI LC functionality including validation of LC balance prior to Delivery/ship confirm
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
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
GSTR Returns Infrastructure
Reporting solution/infrastructure for : 1. GSTR 3 B 2. GSTR 1 3. GSTR 2 4. GSTR 3
GST Tax settlement and reconciliation
Solution for supporting the tax settlement and reconciliation of liability with GSTR 3
SHIP TO and BILL TO options for project tax determination basis/rule
SHIP TO & BILL TO attributes for Tax determination in projects
Support for generation of Delivery challan for Inter Org, RTV and OSP
Delivery challan functionality for Inter Org, RTV & OSP
Defer Interface Trip Stop is not working as Intended in GST
Close integration between Interface Trip Stop and inventory on hand stock.
BOE Supplier Third Party Registration required for non Indian suppliers
Third party registration should not be required for Foreign Suppliers.
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.
Reverse Charge not getting reversed during Discard lines
Accounting for reverse charge not getting reversed for discard lines.
Lot/Serial Number Button is missing in Inter org transactions
Support for Lot/Serial number in Inter Org Functionality
Correction Entries for receipt
Correction accounting not generated.
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:
Post RUP11 one off
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):
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
BOE Tax rounding at Tax type level for all the lines
Provision to calculate taxes from express receipts
Support for Cross Country IR-ISO flow and have cross ledger IR-ISO flows
Discard of Tax Lines during Item Lines Discard and related downstream flows
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)
Support for Mixed and Composite type of procurement & Sales
Drop Ship Feature
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