india Localization :Setup Central Sales Tax @ 2% for both AP and AR
Hello,
We have setup, TDS, VAT and Service Tax in R12 using India localization functionlity.
We are using settlement functionlaity to settle VAT and Service Tax
Likewise, we also need to setup Central Sales Tax @ 2% in both AP and AR and use setllement functionality.
There is no regime available with Regime name Sales Tax in Regime registration setup window.
Also on Settlement screen.
But In Tax defination window Central Sales Tax is available.
Please let us know the complete setup and accounting entries that will be passed in Oracle and the settlement procedure for the same.
Thanks in advance !