Define Tax Regime - Oracle Financials for India GST India

What is a Regime ?

The Set of Tax Rules that Determines the Treatment of Taxes administered By Tax Authority.

There can be Multiple Tax Regime in one Country or Single Tax Regime In one Country.

India Was Administered With Multiple Tax Regime Till 01st July 2017 With Excise for Manufacturing, VAT for Manufacturing and Value Addition, Service Tax for Service Related Transaction.

After 01st July 2017, All the Multiple Regimes Has been Subsumed By One Regime Goods and Service Tax.


Oracle Financials For India --->Tax Configurations--->Regime

Pre Requisites for Creating GST Tax Regime:

1.Tax Authority -- A Government Entity That regulates tax Laws administers and audit taxes.
2.Reporting Codes are Optional