1. Get rid of all advertisements and get unlimited access to documents by upgrading to Premium Membership. Upgrade to Premium Now and also get a Premium Badge!

Service Tax code setup - India Localization

Discussion in 'Oracle Financials' started by Chandra_Gen, Jun 22, 2012.

  1. Chandra_Gen

    Chandra_Gen Active Member

    Likes Received:
    Trophy Points:
    HI Guys,

    can some one help me in setting up the Service Tax codes in Payables - India Localization? my requirement is

    i want to setup the ST codes in the below logic as per regional statutory requirement

    Base Value - INR 9000

    10% ST on base value -INR 900 (9000 *10%)
    2% Higher Ed Cess on ST amount - INR 18 (900*2%)
    1% Sec Hig Ed Cess on ST amount - INR 9 (900*1%)

    Total header value of this invoice would be INR 9927.

    Appreciate your swift reply.

  2. yknev

    yknev Active Member

    Likes Received:
    Trophy Points:
    Hi Chandra,

    You may create the 3 service tax code in tax code form

    1. Create the Serivce tax code with 10%
    2. Create the Higher ED Cess code with 2%
    3. Create the Sec High ED Cess code with 1%

    Please attache this 3 tax codes in category and attache the same category to vendor.

    Now validaton of invoice system will generate the Serivce tax, Higher ED Cess, Sec Higher ED cess.