NetSuite SuiteTax

Tax is an inevitable part of a company.  The calculation of tax for distinct payments and different countries vary upon the tax policies. Hence tax calculation is difficult and leads to error, making legal complications later. The implementation of SuiteTax by NetSuite act as a solution for all these problems and automates tax calculation in multiple jurisdictions. 

SuiteTax

SuiteTax is an indirect tax calculation that helps to understand and calculate the taxes in various countries (US, Brazil, Vat countries, and India). Built locally on the NetSuite platform, SuiteTax increases the efficiency of a company by unifying the transaction tax calculations and the functionality of reporting. SuiteTax integrates with the same suite that companies use for billing transactions, sales, revenue recognition, and payment processing.

The best-of-breed tax partners adopt the related SuiteTax API to integrate the solutions for tax implications with NetSuite. With Netsuite SuiteTax, the users have the choice to choose single or multiple partners for all their global transactions.

Benefits of NetSuite SuiteTax

SuiteTax provides the US and international clients improvements, including countries with challenging tax structures such as India and China. Recognizing that third-party solutions are best placed to handle complex tax requirements, SuiteTax can work for years with other tax engines on the same Netsuite account. Additionally, users can come up with a specific solution wherever they want, and need not pay for unnecessary features.

Key benefits of NetSuite SuiteTax are;

• Avoid manual tax calculations with in-built tax logic that automates and determines taxability calculations of the sale and purchase of every item.

• Eliminates the monitoring of tax rates, as they are automatically updated every month on NetSuite accounts.

• Multiple tax partner engines to build solutions for geographical purposes, including multiple tax jurisdictions per subsidiary.

• Ensure compliance with indirect taxes and transaction tax liabilities.

• Allows importing of transactions from multiple systems of different tax logic.

US Sales Tax

Based on the time, place, category of product or service, and customer, SuiteTax calculate sales and implement a tax on your transactions. 

SuiteTax makes the transaction process error-free with the automatization of sales and updating the tax rates of multiple places every month. The tax rates, tax codes, tax groups, and tax agencies are auto-provisioned through the system.

SuiteTax has logic books at both origin and destination-based states. SuiteTax develops product taxability rules at the state level. Additionally, It helps to choose the non-taxable product.

They regulate discount certificates, tax holidays, and product deductions with valid dates for customers and vendors. Additionally, it helps in the integration of SuiteCommerce with other shopping cart systems.

VAT/GST

With the help of SuiteTax, a company handles Value Added Tax (VAT) complications as the jurisdiction changes as the business grows in Europe and across Asia. 

• The system also handles transactions in the country (VAT, GST, sales tax), cross-border controls, intra-EU transactions, 3PL, reverse charges, as well as deductible VAT, and others.

• The system manages in-country transactions and international rules and transactions.

• Tax content includes nationwide monthly rate updates, automated provisioned tax details of more than 110 countries.

• Maintains all tax change history properly to avoid errors.

• The company’s legal name, consultation number, address, and date stamp is automatically added to all transaction records.

• SuiteTax has an enhanced tax identification logic.

• Localization includes a number of country-specific tax returns, cross-border reports, and editable templates that allow making changes in the boxes in tax returns.

India GST

The companies in India are capable of automating tasks through a rule-based tax engine for Good and Service Tax (GST) and Tax Deducted at Source (TDS).

• SuiteTax supports Permanent Account Number (PAN) details and Goods and Tax Identification Number (GSTIN) with format validation and has multiple GSTIN for different states.

• By applying different tax rules from the common one, it transacts with SEZ.

• Makes the rules setup easier with the inclusion of Pre-seeded Tax types, SAC codes, and TDS section codes.

• The vendor manages multiple exceptions and multiple limits for TDS and also supports education cess, TDS surcharge tax, and secondary education cess support.

• Automates tax calculations on challans and generates complex tax revenue in the format prescribed by the government.

SuiteTax is an exciting new feature with the ability to enhance taxation in NetSuite. Businesses require to submit resources for tax compliance and a planned improvement in SuiteTax reduces this burden by automating manual processes such as tax code maintenance and increasing the reporting capacity, including the electronic filing of tax returns.

Make your taxation process hustle-free with the implementation of NetSuite SuiteTax.  Jobin & Jismi is an Oracle NetSuite alliance partner with a proven track record in NetSuite implementation. Contact us for more information.