Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
Why is there a big difference between my profit amount and GST payable amount in BUSY? Shouldn't my GST liability be in line with my profit?
The difference between your profit amount and the GST payable amount in BUSY . please follow below steps :
Step 1: GST liability depends on when you receive or make payments, not necessarily when you recognize revenue or expenses for accounting purposes.
Step 2: Accounting profit is often calculated on an accrual basis, which records income and expenses when they are earned or incurred, regardless of when the cash actually changes hands
Step 3: The GST payable amount can be reduced by claiming input tax credits (ITC) for GST paid on expenses related to your business.
Step 4: Certain supplies may be exempt from GST or zero-rated, meaning you don't charge GST on them.
Step 5: GST rules and rates can vary, with some supplies being subject to different rates.
Step 6: Some transactions may require special tax adjustments, such as when you dispose of assets or make adjustments for bad debts.
The detailed bill information is missing in the exported GST report. How can I get the complete bill details to show up in the report?
In BUSY all GST Report are updated as per GST report formats you need to check which bill information is missing in GST report and confirm & Check BUSY latest version and Release.
If GSTR-1 report missing any bill information you can check sales register or modify sale voucher and save it.
Step 1: Check Sales Register:
Navigate to the sales register in BUSY to cross-verify the details of the sales transactions.
Ensure that all relevant bill information is recorded accurately.
Step 2: Modify Sale Vouchers if Necessary:
If you identify missing information, you can modify the corresponding sale vouchers in BUSY.
Update the voucher details to include any missing information.
Step 3: Save Changes: After making modifications, save the changes to the sale vouchers.
Step 4: Recheck GSTR-1 Report: Run the GSTR-1 report again to verify that the missing bill information has been updated.
I want to move my BUSY data to a new computer. What is the proper way to do this?
To move my BUSYdata to a new computer
Backup Data: To take backup of your data from BUSYfollow these steps:
Step 1: Open BUSYand select Backup Data option from Company tab.
Step 2: choose the company that you want to backup.
Step 3: Enter your username and password if required and select the location where you want to save your backup file.
Step 4: Select the financial year that you want to backup, either All F.Y. or Selected F.Y. and click on the OK button to start the backup process.
Restore Data: To restore data in BUSYfollow these steps:
Step 1: Open BUSYand select Restore Data option from Company tab.
Step 2: Choose the folder that contains backup files and click on OK button to start the restoring process.
Step 3: If same data already exist in then BUSY will provide you an option to override it. You can chosse Yes/No as required.
The website shows an error when I try to download quarterly reports. How can I fix this?
If the website shows an error when I try to download quarterly reports, you can download from BUSY in automatic way for this, you need to follow the below steps:
Step 1: First, confirm that the GST portal user name should be mentioned in the GST/VAT option. To confirm this, go to Administration, then select Configuration, then select Features & Options, then select the GST/VAT option in which you have to mention the GST portal user name.
Step 2: Then you need to set API access from your GST portal and download the quarterly GST reports.
Step 3: Login to your GST portal and go to the profile. Click on the Manage API Access option, then give it 30 days of access.
Step 4: Open a company go to the GST misc. utilities option and open the download GSTR json data report and download the quarterly GST reports report.
How can I generate separate % and % GST sales reports for my CA in BUSY?
To generate separate 5% and 12% GST sales reports for your CA in BUSY, Here's how you can do it:
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Other Reports
Step 5: Look for the Tax Rate Wise Output Tax Report option, and click on it to access this specific report
Step 6: Review the Bifurcation of Tax Rate Wise Output Tax Data and Genate the report . Step 7: This report will display a breakdown or bifurcation of the output tax data based on tax rates
Step 8: Remember to ensure that your transactions are correctly categorized with the appropriate GST rates (5% or 12%) in your accounting software
What is ITC tagging, and how do I do it for previous period's purchases reflecting in the current month's GSTR-B?
Monthly ITC Tagging utility, will be used to claim ITC and the same will be reflected in GSTR 3B. On selecting the Monthly ITC Tagging utility, a Monthly ITC Tagging message box appears with following two options i.e party wise and voucher wise
Here are the steps for ITC tagging of GSTR2B
Step 1: Go to Transaction menu
Step 2: Click on Gst misc. utilites
Step 3: Then you need to download gstr2b data and click on Monthly ITC tagging as per GSTR2B
Step 4: Then select as per party wise or voucher wise
Step 5: Then specify Month and click on OK button
Step 6: Then Select entries and press F4 to specify the status of the entry
Step 7: Then select ITC status, return period, GSTR 2B status as per your requirement
Step 8: Then you can claim invoice in the next month
How do I tag a purchase entry to a future month if that month is not yet showing as an option?
If you wish to claim a previous month's bill in the following month, you can do so using the Monthly ITC tagging option in the BUSY. Here are the steps to follow:
Step 1: Go to the Transaction menu.
Step 2: Click on the GST Miscellaneous option.
Step 3: Select the Monthly ITC Tagging option, either as per GSTR2A or GSTR2B.
Step 4: After opening the report, use F4, and an "ITC claimed status" window will appear. You have to set the ITC Status as "ITC Claimed" and the Return period of the month in which you want to claim the voucher.
Step 5: Then, by opening GSTR2 or GSTR3B, you have to set "Y" to pick the relevant "ITC from monthly ITC Tagging" option.
After following these steps, only those vouchers that you tagged for that specific month from the monthly ITC tagging report will reflect on that particular report.
What is the correct process to update HSN codes and export the reports so my CA can upload the GST returns?
To update HSN codes in BUSY, follow these steps:
Step 1: Go to the Administration section and click on Masters.
Step 2: Select the item and open it either from the Modify or List option.
Step 3: Select the item master for the item whose code you want to update.
Step 4: Update the HSN code manually and save the item master.
To export reports for GST returns in BUSY, follow these steps:
Step 1: Go to Display tab and click on GST Reports.
Step 2: Click on GST Returns
Step 3: Select respective return you want to generate then you will get a method to generate e-return i.e Direct upload, JSON, Govt. Template, CSV, Plain excel.
Note: Direct upload feature only available in GSTR 1.
Step 4: Specify Date Range and check all the possible errors then generate a file.
The gst invoices generated in BUSY are not showing properly in gst reports.How do I resolve this issue?
If gst invoices saved are not showing properly in gst reports,follow these steps
Step 1 Just open the invoice which is not reflecting in gst reports properly
Step 2 Check all details are mentioned correctly like date,party and other item details
Step 3 Check sale type is selected properly and on sale type,use alt+M shortcut key to open it and check all gst accounts are tagged properly and it affects gst reports,then save it
Step 4 Check in item by opening it in modify mode,tax category is tagged in it and then save
Step 5 Check in bill sundry if tax applied in proper and then resave voucher and check in gst reports
Step 6 Also you can update gst report under housekeeping option if all invoices are not updated in gst reports and then check in relevant section in gst reports
Note:Before making any changes,must take backup of company
The GST entries I passed manually are not getting reflected in gst summary. What might be the reason?
If your gst entries passed manually not reflecting in gst summary here are some below reasons you can check and verify:
Step 1: Your voucher is not entered with correct sale purhase type.
Step 2: If you had enabled Skip in GST reports option in your sale purchase type the also the voucher will not reflect in gst summary.
Step 3: If your accounting entry such as Debit Credit notes without items, Registered expense entries are entered with not applicable gst nature.
Step 4: Also the voucher will not reflect if your CGST SGST lGST ledger are not properly created, like it should be tagged under group Duties and Taxes and tax type as CGST SGST IGST respectively. Step 5: If there is voucher related to RCM so ensure that Post consolidated voucher must be posted then the RCM entry will reflect in RCM section GST summary.
