SuiteTax is a new tax calculation engine introduced by Oracle to support multi-jurisdictional tax requirements, including India GST. It provides better automation, improved reporting, and flexibility.
A. Key Features of SuiteTax for GST
✅ Supports real-time tax rate updates
✅ Automatically applies CGST, SGST, and IGST based on location
✅ Integrated GST reporting (GSTR-1, GSTR-3B)
✅ Handles Reverse Charge Mechanism (RCM)
✅ Supports Tax Deducted at Source (TDS) & Tax Collected at Source (TCS)
B. Steps to Configure GST in SuiteTax
1️⃣ Enable SuiteTax in NetSuite
Path: Setup > Company > Enable Features > Tax
Enable SuiteTax and GST for India
2️⃣ Define Tax Registration for GST
Path: Setup > Tax > Tax Registrations > New
Enter GSTIN (Goods and Services Tax Identification Number)
3️⃣ Set Up Tax Engines & Tax Rates
Path: Setup > Tax > Tax Engines > India GST Engine
Define CGST, SGST, IGST rates
4️⃣ Assign Tax Engines to Subsidiaries
Path: Setup > Tax > Tax Registrations
Map tax registrations to the correct subsidiary & location
5️⃣ Automate GST Calculation in Transactions
NetSuite automatically calculates GST based on:
Customer & Vendor Location
Item Type (Goods/Services)
Transaction Type (Sales, Purchase, Reverse Charge)
C. GST Reporting in SuiteTax
NetSuite automatically generates GST reports based on transactions:
GSTR-1
Outward Sales Reporting
✅ Available
GSTR-2A/2B
ITC Reconciliation
✅ Available
GSTR-3B
Monthly GST Summary
✅ Available
GST Audit Report
Compliance & Verification
✅ Available
Exporting GST Reports
- Path: Reports > Tax > GST Reports
- Select GST Summary, GSTR-1, GSTR-3B
- Export in CSV/Excel format for filing