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Change to the GST rate for July 1, 2006

edited Dec 4, 2019 4:58PM in General 23 comments

The Federal Budget for 2006 announced a change to the GST rate for July 1, 2006. What do I need to know and do in NetSuite?

There are essentialy 2 ways of proceeding:

Update an existing tax code:
In version 11, tax codes have a GST and PST component (tax item).
- Go to the GST component of the tax code and change the rate from 7% to 6%.
All new transactions will be created using the new rate. Historical transactions will not be affected; they will still use the 7% rate

Create a new tax code:
A more complicated way is to create a brand new GST tax item to be used in a new tax code.

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