Need to implement magento 2 tax based on product amount

Question

I am trying to implement tax on products. There are conditions as follow.

1. If product amount is less than 1000 Rs then tax should be 5%
2. if product amount is greater than 1000 Rs then tax should be 12%

Is there already any functionality i can configure in magento 2 or do i need a custom solution for it.

For custom solution please guide me also with some reference links.

Answer 1

Step 1: You will need to create two tax rates

(1) Rate-5
(2) Rate-10

Step 2: Create two product class:

Taxes > Tax Rules > Add New Tax Rule > Additional Settings > Add New Product Tax Class

(1) Product-Tax-Class-5
(2) Product-Tax-Class-10

Step 3: Create two tax rule:

(1) Tax-Rule-5

 - Tax Rate: Rate-5
 - Product Tax Class: Product-Tax-Class-5

(2) Tax-Rule-10

 - Tax Rate: Rate-10
 - Product Tax Class: Product-Tax-Class-10

Step 4: Assign Tax Class of Products:

(1) If Product price is less than 1000 : Product-Tax-Class-5

(2) If Product price is greater than 1000 : Product-Tax-Class-10