GST: Tax Amount not getting rounded as per Rounding Factor setups defined under Tax Regime
(Doc ID 2686037.1)
Last updated on AUGUST 13, 2021
Applies to:
Oracle Financials for India - Version 12.1.1 and laterInformation in this document applies to any platform.
Symptoms
ACTUAL BEHAVIOR
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Tax Amount not getting rounded as per Rounding Factor setups defined under Tax Regime
EXPECTED BEHAVIOR
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Tax Amount should be rounded as per Rounding Factor setups defined under Tax Regime
STEPS
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The issue can be reproduced at will with the following steps:
1. Login to Oracle Financials for India responsibility.
2. Go to Tax Configuration > Define Regime.
3. Query for the GST Regime and define Rounding Factor as 5 decimal points.
4. Create an AR Transaction and apply GST taxes.
5. Go to Tools > India Tax Details form.
6. Notice that tax amount is rounding till 2 decimal points only.
BUSINESS IMPACT
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The issue has the following business impact:
Due to this issue, users cannot determine the correct tax liability resulting into statutory penalty by GST Tax Authorities.
Changes
Cause
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In this Document
Symptoms |
Changes |
Cause |
Solution |
References |