Can i define the hierarchy under epic?
Currently i can manage Business Requirement->Epic->Feature/Story->Sub-task But i need the hierarchy like Business Requirement->Epic->Feature->Story->Task/Sub-Task
You can have the hierarchy you want, using the "Issue linking" feature. From your hierarchy it seems that you are trying to implement the "SAFe" framework in JIRA which is fine as well but I personally recommend to stick to "Epic<->Story" hierarchy in JIRA because it's so tightly coupled in JIRA.
So when you move the Epic an level up and have the hierarchy Epic -> Feature -> Story then you loose the Epic<->Story coupling which will lead to confusion once you start using the system at a larger scale. Because you have fields like Epic Name, Epic Link and on boards it's Epic Panel and in plugins like SR there are JQL functions like "issuesInEpic" etc
So there is a tradeoff when going forward with this approach. My preferred hierarchy is
"Initiative -> Epic -> Story -> Sub-Task" , it works well with JIRA and with plugins.
You can have a look at Structure for JIRA
Also Portfolio for Jira can also help
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