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Oracle Financials for India (OFI) - India Localization Overview

Pavan Raparla
Senior Principal Software Engineer

Oracle Financials for India (OFI) - India Localization Overview:

OFI is a compliance enabling product and meets requirements related to defaulting, calculation, accounting and reporting of taxes levied under following regimes: 

Central Excise&Customs, 
Service Tax, 
Sales tax / Value Added Tax, 
Tax Deducted at Source,
Tax collected at source.
( The above mentioned indirect taxes viz. Central Excise, Customs Duty, Service Tax, Sales Tax shall get subsumed with the upcoming Goods & Services Tax(GST))

In the current architecture taxes are determined based on a simple setup. The taxes will be defaulted based on the item category assigned at the Customer / Supplier site level or from the Customer or Supplier Null Site or from the Tax Category which is assigned to a specific item class. 

In this method of defaulting, the user has to define tax categories and define item category i.e which shows the applicable tax category for each item. Based on the items the customer / supplier deals the relevant item category has to be assigned at the customer / supplier at site level or null site level. Based on this setup the taxes will be defaulted on the transaction time. This setup is for item based transactions. 

In case of Standalone(Manual) AP invoices where there is no item association at the transaction time, a separate setup has to be made i.e by way of defining a tax category and assigning the same at the Supplier Site level or Null site level in the Additional Information. This is applicable where the Supplier invoice is related to Services.


Also, following are the different product integration areas wherein the tax defaulting/computing has been taken care of:

Some of the Key Product Integration Areas in regards to OFI are as follows:

Procure to Pay:

a. i Procurement-> Requisitions

b. i Supplier -> Request for Quotations, Quotations

c. Purchase Orders

d. Receipts

e. Encumbrance

f. AP Invoice, Returns, Debit Memos etc.

Order to Cash:

a. Sales Order Processing

b. Order fulfillment

c. AR Transaction flow

Project Costing.

Project Billing.

FA Integration.

For a basic understanding, please refer to the following MOS Note:

Documentation repository for Oracle Financials for India (Doc ID 471249.1)

Join the discussion

Comments ( 9 )
  • Reji Jose Monday, October 3, 2016

    Would like to get all updates


  • Pavan Raparla Wednesday, October 5, 2016

    Dear Reji,

    Thanks for the comment shared.

    Regarding the periodic updates, you can refer to the following important MOS Notes of India Localization:

    1. Information Center: India Localizations (Doc ID 1531520.2).

    2. R12.1.3: Oracle Financials for India (OFI) Recommended Patch Collection (OFI RPCs) / Consolidated Monthly Patches (CMP) (Doc ID 1487816.1).

    Apart from the above, if you are looking for any specific information/updates, pl. feel free to revert so we can review internally and revert.

    Regards,

    Pavan


  • Lk Rath Tuesday, October 11, 2016

    Will this cover the latest GST regulatory compliance requirements. I thought Oracle would be releasing a separate patch for this? I doubt by following the normal tax configuration standard reports as required by GST can be met?


  • Pavan Raparla Monday, October 24, 2016

    Dear Lk Rath,

    Apologies for the delay in the update. Was in a Customer Event.

    Shall revert to you shortly with OFI-GST updates. Pl. stay tuned.

    Regards,

    Pavan


  • Pavan Raparla Wednesday, November 16, 2016

    Dear LK Rath,

    Pl. refer to the following post which shall clarify your query related to OFI GST Patch:

    https://blogs.oracle.com/ebs/entry/ebs_oracle_financials_for_india

    Regards,

    Pavan


  • guest Saturday, March 25, 2017

    hi all,

    Are we completely doing new setups for GST implementation or we need to configure few setups as per india localization too ???

    like TDS, TCS...


  • Pavan Raparla Tuesday, April 4, 2017

    Hi,

    1. For configuring the India GST, you need to completely do the new setups which got released as part of the OFI GST EAP solution.

    2. Even for mapping the requirements of TDS, TCS etc... user is required to do relevant applicable regime setups(e.g. TDS) explicitly using the Regime definition feature and then can do the relevant transaction flow.

    Regards,

    Pavan


  • Lk Rath Tuesday, April 4, 2017

    How do we disable old India Localization configurations? Are there any specific approach document released by Oracle?

    Also is there any approach document for the transitioned open transaction for reconciliation and migration to new tax?


  • Utkarsh Sunday, April 7, 2019
    I want to learn full OFI setup in apps, do oracle have any video's or training for the same.
    If yes, so please share me the link or name.
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