India localization suite tax will help to import GST tax rate rule. It is difficult to create a tax rate rule manually if there are many rules to create. Tax rate rule creation depends on the HSN codes needed. The HSN codes are categorized according to different types of items. So the companies will select the HSN codes according to the items they have.
To import GST tax rate rule, create a CSV file with appropriate data. The CSV file should include all relevant details such as:-
- Subsidiary or company registration type:- Enter the subsidiary or company registration type (Regular/Composite dealer)
- Available on(Purchase transaction/Sales transaction)
- Vendor or customer registration type(Type the vendor or customer registration type)
- Taxable(Yes/No)
- HSN or SAC code(Enter the HSN or SAC code)
- GST rate (Enter the GST rate)
- Classification of supply(Intrastate/Interstate)
- Within the state-’Yes’ for an intrastate transaction and ‘No’ for an interstate transaction)
- Within the union territory-’Yes’ for an intrastate transaction and ‘No’ for an interstate transaction). This type is used only for union territories. NetSuite will identify the union territories from the subsidiary information entered in NetSuite company information page.
- Effective from-Select the date from which this rule is used in transactions.
- Valid until-Select the date until which this rule is used in transactions. (Last date to use this rule or put blank).
- Amount based-Mark the checkbox if the tax rate rule is based on amount limits.
- From amount-Enter the from amount if the amount based checkbox is marked.
- To amount-Enter the to amount if the amount based checkbox is marked.
- Reverse charge-Check this box for reverse charge transactions.
- Ineligible for ITC-Check this box if the tax rate rule has no ITC and unchecks if the tax rate rule has ITC.
For more details, refer the link – http://www.jobinandjismi.in/2019/08/08/gst-tax-rate-rule-creation/
After all relevant details are included, import the CSV file. To import the CSV file,
Go to,
- Set up>Import/export>Import CSV file
- Set the import type to ‘custom record’ and record type to ‘Tax rate rule’. There is a GST tax rate rule record type. But it will not show the tax rate rule in the NetSuite account. So the record type should be ‘Tax rate rule’.
- Click next and check the box of “Add”.
- Check the box of “Run server suite script and trigger workflows”. Only then the tax will be calculated in transaction records. Click Next.
- In the field mapping page, map the fields of CSV file with NetSuite fields.
- Click Next
- Give a unique name to the CSV import.
- Click Save and Run.
Check the tax calculation on transaction record after the tax rate rule had imported.