EAP: AP Tax amounts are not rounded off as per Statutory GST Requirements
Last updated on SEPTEMBER 20, 2017
Applies to:PeopleSoft Enterprise FIN Payables - Version 9.2 to 9.2 [Release 9]
Information in this document applies to any platform.
Tax Amounts are not rounded off as per Statutory GST Requirements.
1. Create a Voucher for an India Business Unit
2. Ensure Voucher amount is entered such that the Tax amount calculated is in decimals
3. Save the Voucher
4. Check the Tax amounts and Payment Schedule created --Tax amounts are not rounded off
Per GST law , all Tax amounts should be rounded as per natural rounding.
Section 170 of GST law states the following:
170. The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.
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