Note On Indian localization

Oracle Applications was developed as a Global product.Because of this reason it does not supported by some acts like customs,central excise,vat,cst...etc which are mandatory according to Indian Laws.

All other contries are also having some contry specific requirements. To meet the above requirements Oracle developes software named patches.We can add this patches to the base product of the oracle applications.

Indian Localization is also one patch which meets the contry specific requirements.
What is India Localization Product?
India Localization is a solution built over Oracle E-Business Suite, Oracle's e-business applications software product, that provides Clients in India with the most comprehensive solution to comply with the India specific tax requirements as specified by Central Excise, Customs, Sales Tax and VAT, and Income Tax, (to the extent of tax deduction at source and generation of Depreciation Schedule for fixed assets). India Localization product also provides valuable information that can be used for statutory and management reporting.

What Does India Localization Product Do?The product uses its own tax engine, for handling taxes applicable across 'Procure to Pay' and 'Order to Cash' transactions.

In India Localization, taxes are defaulted based on the pre-determined setup (Tax Defaultation). Tax amounts are calculated based on precedence such as transaction base value, tax on tax, or assessable value as specified by tax authority (Tax Calculation). The Tax Amount is considered for inventory valuation, recoverability and accounting based on the pre-determined recoverability and accounting rules (Tax Accounting and Recoverability). Details of recoverable tax amount are recorded as part of the repository (Tax Recording). This information can further be used to calculate the final tax liability arising on settlement at the end of the tax period (Tax Settlement) and for statutory reporting (Tax Reporting).

Components of India Localization Product
Tax Defaultation
Tax Calculation and Recovery
Accounting for India Localization Taxes
Recording and Reporting Tax Information