1) Where does the tax rate on transaction come from? How to set tax codes for Pakistan? In SuiteTax, we need to create tax codes and tax types for Pakistan manually as there is no localization bundle. These tax codes need to be set in Nexus for default tax codes for purchase, sales, import, and… Continue reading Pakistan Tax setup in SuiteTax – FAQ
Tag: Suitetax
Suite Tax Benefit and Setup
Key features of SuiteTax include: A fully configurable tax engine that streamlines the complexities of tax management across multiple regions. Accurate and efficient tax calculations, significantly reducing the risk of errors in global tax compliance. The ability for businesses to save time, cut operational costs, and eliminate manual calculations. A comprehensive tool that ensures global tax compliance, making it an… Continue reading Suite Tax Benefit and Setup
Two Tax rates for single HSN Code
Scenario User is creating new tax rate rule with two tax rates in SuiteTax account and receives a notice: A HSN or SAC code can only have one GST rate in the same effective period. Solution GST is exempted in case of Sale to SEZ. A HSN code which is used in case of local… Continue reading Two Tax rates for single HSN Code
E Way Bill Configuration in NetSuite
E-WAY BILL EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in. The following steps need to be done… Continue reading E Way Bill Configuration in NetSuite
Unexpected error while deteing tax transactions
The following error occured while deleting tax transactions in India localization suitetax: “An unexpected error has occurred. Please click here to notify support and provide your contact information”. To resolve this, check whether the tax type is inactive. To check this: Navigate to Setup > Tax > Tax Types Look for the Tax Type used in the transaction Open in Edit view … Continue reading Unexpected error while deteing tax transactions
India Localization SuiteTax Engine installation error: INVALID_KEY_OR_REF
The error “INVALID_KEY_OR_REF” occured when trying to install India localization suitetax engine. The possible reason for the error is that the nexus “India” is not created in that NetSuite account. The account should have the country as “India”. To create nexus: Go to Setup> Company> Countries. Create the country “India”. Go to setup> Accounting> Nexus. Create… Continue reading India Localization SuiteTax Engine installation error: INVALID_KEY_OR_REF
Singapore localization installation failure
While installing the Singapore localization, NetSuite is showing the installation failure. The main cause of the error is pertaining to an incomplete setup of Singapore Tax provision in NetSuite. The possible reasons are below: Enable the Plug-ins as per below: Navigate to Customization > Plug-Ins > Manage Plug-Ins. On the Manage Plug-In Implementations page,… Continue reading Singapore localization installation failure
Creating a Tax Type
To create a tax type: Go to Setup > Accounting > Taxes > Tax Types. If you are using NetSuite OneWorld, select the country from the Tax Types page. On the New Tax Type page, enter a name or abbreviation for this tax type. Enter a description of this tax type. Check the OSS box if this tax… Continue reading Creating a Tax Type
Singapore Tax With SuiteTax
To incorporate Singapore Tax for a Singapore Subsidiary within an account already utilizing Suite Tax, there’s no requirement to install the Singapore Localisation bundle and manually set up: Singapore Tax Control Accounts Singapore Tax Types Singapore Tax Codes Singapore Customer Accounting Tax Codes Simply establish a nexus and input the Tax Registration Number within the… Continue reading Singapore Tax With SuiteTax
India Localization Enhancements
Every GST registered taxpayer in India must file GSTR-9 annually. The India Localization SuiteTax Reports SuiteApp version 4.00.0 lets you generate the following reports to file GSTR-9. ■ GSTR9 4 Outward ■ GSTR9 5 Outward ■ GSTR9 6 ITC Availed ■ GSTR9 17 HSN Outward ■ GSTR9 18 HSN Inward These reports contain details about… Continue reading India Localization Enhancements