If you want to set up India GST and TDS taxation in your NetSuite account, you should have the SuiteTax feature.
Step 1: Request for Suite Tax feature in Netsuite & Ask support to share required bundles
First, you need to request for SuiteTax feature from your account in order to install India tax bundles.
In your Netsuite account, Go to Support –> Open Netsuite Account Center –> Click on ‘See Support Cases’ –> Create a New Case with the following information
Case Subject: New customer: SuiteTax: enable Hidden feature SuiteTax for ‘Company Name’ (‘Account Number/ID”)
Product Area: Select ‘Advanced Accounting & OneWorld’
Feature: Tax – Bundles
Case Type: Request an Enhancement
Message: Purpose: Requesting to enable SuiteTax for a new customer- (‘Company Name’) (‘Account number’) in order to install following India localization bundles and also share the following bundles:
- India Localization SuiteTax Engine
- SuiteTax Reports
- India Localization SuiteTax Reports
After few days Netsuite support will contact you. In order for them to proceed with your request, kindly answer the questionnaire which they sent through email. They will forward your request together with the questionnaire to their QA engineers for approval. Please take note that this request usually takes a couple of weeks and may also not be approved.
Step 2: Enabling SuiteTax feature in your account
If the Netsuite Support approves your request, SuiteTax feature will be made available for you. To enable this feature: Go to Set up –> Company –> Enable features –> Tax –> SuiteTax.
Note: You can not disable this feature once it is enabled.
Step 3: Installing the India Localization bundles
To install the India Localization Bundles Go to Customization –> SuiteBundler –> Search & Install Bundles and search for the bundles. If you do not find any bundle which you require that means it is not shared to your account. In that case please ask the Netsuite support to share the respective bundle.
Note: Following features must be enabled in your account before installing the bundles – SuiteTax, Custom Records (Set up –> Company –> Enable Features –> SuiteCloud ), Custom Transactions (Set up –> Company –> Enable Features –> SuiteCloud )
Install the bundles in the following order:
- India Localization SuiteTax Engine (Bundle ID: 400562)
- SuiteTax Reports(Tax reporting frame work) (Bundle ID: 237699)
- India Localization Suitetax Reports (Bundle ID: 400554)
Note: The value in the State, Province, and County field of the address is used to determine the correct Place of Supply and Inter/Intra-State tax for India GST. Please make sure to disable the ‘Allow Free-Form States’ in Addresses preference(Set up –> Company –> General Preferences) before setting India GST to prevent any errors during the calculation of tax.
Step 4: Enable Netsuite India SuiteTax Engine Plug-in
After installation of 3 bundles, the next step is enabling India SuiteTax Engine Plugin. To enable this plugin: Go to Customization –> Plug-ins –> Manage Plug-ins and there you can enable the above-mentioned plug-in.
Step 5: Setting Up the Tax Information on Subsidiary/Company Information
In OneWorld account, set up necessary tax information and enter a tax registration on the Subsidiary page. If you are not using OneWorld account, set up tax information on Company information.
Step 6: SuiteTax Migration
After completion of this step, you can create taxable transactions in your account. To complete SuiteTax Migration: Go to Set up –> Tax –> SuiteTax Migration and click on complete SuiteTax migration.