Financial Management - PSFT (MOSC)

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Rounding Service Tax and VAT for India

edited Jan 18, 2013 7:01AM in Financial Management - PSFT (MOSC) 1 commentAnswered
I am hearing from contacts in India that I must provide rounded tax entries for VAT and Service Taxes for regulatory reasons. PeopleSoft provides the abililty to rounding Withholiding(TDS) taxes. I have searched through My Oracle Support and found nothing. As I mentioned earlier, we are beging told that this is a regulartory requirement by India Tax Authorities. Has anyone encountered this? If so, how did you address it. I have included a service tax link and copy of the Karnataka tax act.

Here is the link for service tax. http://www.servicetax.gov.in/circular/st_circ_53-2k3.htm

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