GST - Recovery Rate 50% - Credit Memo GST Amount goes to 100% Recovery instead of 50%
(Doc ID 2372893.1)
Last updated on MARCH 13, 2018
Applies to:
Oracle Financials for India - Version 12.1.1 and laterInformation in this document applies to any platform.
Symptoms
Problem Summary:
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Created credit memo on supplier. Applied GST as 18%. In our case tax amount recover should be is 50% i.e. out of SGST/CGST 50% recoverable & 50% are non-recoverable. But in this credit memo case all taxes are going in interim recovery account instead only 50% should go in interim recovery & balance 50%
should go to expense account.
Steps :
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- Create Tax Rate with 50% Recovery
- Create AP Credit memo
- Attach the Tax rate
- System calculate tax rate bifurcating Recovery /non recovery
- On Commit AP invoice distribution will be get saved.
- Check the distribution account
- Recovery porting should hit Tax Recovery account
- And the non Recovery portion should have item lines account .
Cause
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In this Document
Symptoms |
Cause |
Solution |