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In suitelet field can we format the label string as HTML ?

it sounds like you want to use an inline html field

<@U5TF1GQ20> I have some 100+ words of label for checkbox

So I want to break the label into 2 or 3 lines of

instead of just long line for description

you are probably better off adding the description elsewhere

if you try to add a line break using &lt;br /&gt;, netsuite will escape it

if you are willing to manipulate dom, you can select the anchor element and change its innerHTML