Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
How do I adjust reverse charge mechanism (RCM) credits in BUSY?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply/To handle GST Reverse Charge Mechanism in BUSY one have to perform 3 Tasks.
A) Create Expense...
I am facing problems in recording RCM sales and expenses properly in BUSY. Can you please guide me on the right way to do this?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply/To handle GST Reverse Charge Mechanism in BUSY one have to perform 3 Tasks.
A) Create Expense...
How do I record reverse charge and input service tax credit transactions in BUSY?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply/To handle GST Reverse Charge Mechanism in BUSY one have to perform 3 Tasks.
A) Create Expense...
What is the process for generating GST reports?
These are the process for generating GST reports :
Step 1. Go to Display
Step 2. Then select GST Report
Step 3. Following options appear:
·GST Summaries
·GST Returns
·GST Registers
·GST Other Reports
·GST Audit Reports
Step 4. GST Summaries displays summary related to GST. On clicking the GST...
I am facing an issue where my GST balance is not matching between accoutning reports. How can I get it to match?
In BUSY if your taxable amount in accounts as well as in gst reports mismatch,you can check reports as these steps
Step 1 Open your company and go to display
Step 2 Go to gst reports
Step 3 Select gst audit reports
Step 4 Then select reconcile accounts & gst...
How can I filter the GST sales and purchase registers to show only a specific tax rate like %?
To filter the GST sales and purchase registers to show only a specific tax rate like 18%, you need to follow the below stesp:
For Sales Report,
Step 1: Go to Display, then select GST Reports, then select GST Registers,
Step 2: then select Supply Outward Register, then select All...
Can't see state-wise GST breakup in BUSY. Only consolidated amount. What to do?
To check state wise gst amount you can follow the steps.
But first want to tell you that there is no report available by default.
But you can create custom report.
In basic the custom report can not be created only in Standard and enterpise The custom report is available. ...
How can I cross-check if all business transactions are accurately reflected in the GST reports?
To cross-check if all business transactions are accurately reflected in the GST reports, you can compare the transactions recorded in your accounting software with the corresponding entries in the GST reports. Ensure that all sales, purchases, credit notes, debit notes, and other transactions are correctly entered and categorized with the...
I want to add a custom column in the GST sales register to show tax rates. How can this be done?
To add a custom column in the GST sales register to show tax rates, you need to follow the below steps:
Step 1: Go to Display.
Step 2: Select GST Reports.
Step 3: Choose GST registers.
Step 4: Pick Sales Register.
Step 5: Select the register to be shown for...
I want to understand how GST debit and credit balances are handled in the software. Why is one carried forward but not the other?
In the context of Goods and Services Tax in India, the concepts of GST debit and credit balances typically refer to the input tax credit and output tax liability.
1. Input Tax Credit or ITC means the Goods and Services Tax paid by a taxable person on any purchase of...
