To create subscriptions in your Google Play console you will need to set up a Google Merchant Account first. To set up a Google Merchant Account follow these steps :
Log in to your Google Play Console and open the "Settings" tab on the left side menu
The profile settings will now be displayed on the right side. Scroll down to the end of the settings page until you see the "Merchant Account "Tab
Choose the "Set up a merchant account now" option and follow the instructions displayed
After setting up the merchant Account, subscriptions and in app purchases can be created via the "In-app product" tab on the left side of your Google Play console.
After selecting the "In-app products" tab, look to the main screen of the Google Play console and you should see the following information displayed :
Select the "subscriptions" Tab and click on the "create subscription" button to create a new subscription for your App:
You will now be prompted to fill in the following information :
Enter a Product ID for the Subscription. This ID is used to mark the respective Subscription inside your App. The Product ID can consist of letters (lower case A-Z) and numbers (0-9).
Attention: Product IDs are unique and cannot be altered again once the Subscription has been created.
Next you will be prompted to add the title and the description of your Subscription. You can also add additional translations for your in-app purchase by clicking on the "Add Translations" button and selecting additional languages.
To conclude the subscription setup you will need to add the price and billing period of the subscription:
Adjust the price of the subscription via the "Add a price" Button and enter the default price in the Pop up window.
After entering all the necessary information select the status of the Subscription entry accordingly and press the "Save" button in the lower right corner to create the subscription entry.
Attention!: As soon as the Status for the Subscription is set to active no further alterations can be made in regards to the Pricing page.