Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
Why is the balance summary showing wrong balances for my IGST and collateral accounts in BUSY software? How to resolve it?
There could be several reasons for this discrepancy. To resolve it, you can follow these steps:
Step 1: Review all the transaction entries in your BUSY software for IGST and collateral accounts.
Step 2: Double-check the calculations for IGST in your sales and purchase invoices. Step 3: Verify that the tax amounts are being calculated correctly.
Step 4 :Compare the transactions in BUSY with the source documents such as sales invoices, purchase invoices, and bank statements to ensure accuracy.
step 5: Check for Duplicate Entries
Step 6: Reconcile Bank Statements
Step 7 :Make sure the date ranges in your reports are accurate and match the period you're trying to reconcile.
Step 8: Review the audit trail and journal entries in BUSY to identify any errors or discrepancies that might be affecting the balances.
How to generate GST reports and file GST returns?
If You Want to generate GST reports and file GST returns in BUSY Follow These Steps :
1.Go to Display Then click on GST report.
2.In GST Report You Can Find All report related to GST.
3.GST Summaries, GST register, GST Other Reports.
4.For GST Return Select GST return option Then Click on GSTR-1 eReturn Or GSTR-3B eReturn Etc.
5.You Can Uplod/Download GSTR-1 eReturn in the Following option Direct Upload, JSON , CSV , Government Template,Plain Excel
6.Then Select Date Range & Give the folder Path & download.
7.You Can Uplod/Download GSTR-3B eReturn in JSON, Government Template,Plain Excel.
8.If Still the issue persists, contact To Our 24*7 Centralized customer support on 8282828282 or 1140964096 & For further assistance You Can Also Mail us on Support@busy.in
I want to migrate and convert old data properly to the new GST system. What process should I follow?
If you accidentally entered your old data as VAT data, and you need to correct it, follow these simple steps:
Step 1: Export all the necessary transactions to an Excel file.
Step 2: Change the taxation setting from VAT to GST and create a default master with migration as the default setting.
Step 3: After migrating from VAT to GST, import the last exported transactions into the new company.
Step 4: Once the transactions are imported, double-check them in the old VAT company. If they are confirmed, delete them from the VAT company.
Step 5: Now, transfer the transactions from the new company back to the VAT company using XML Import/Export.
Now, you're all set to use the old company, and all your VAT data has been successfully converted to GST.
I want to see all BB expenses that are eligible for input tax credit. What report shows this breakup?
To see all B2B expenses that are eligible for input tax credit from BUSY, follow these steps:
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 Registers
Step 5: Look for the Gst Purchase register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option . Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
What are the common reconciliation errors that can lead to incorrect GST liability, and how can I avoid them?
Common reconciliation errors and ways to avoid them include:
Step 1: Mismatch in GSTR-2A and GSTR-3B:
Step 2: Data entry mistakes such as errors, incorrect GSTINs, wrong invoice numbers, or incorrect tax rates can lead to incorrect GST liability.
Step 3: Reporting the same invoice or transaction multiple times can inflate your GST liability.
Step 4: Failure to report eligible invoices in your GSTR-3B can result in an understated ITC and higher GST liability.
Step 5: Late filing can lead to interest and penalty charges, increasing your GST liability.
Step 6: Incorrectly classifying products or services under the wrong GST rate can lead to discrepancies in GST liability.
Step 7: Failing to differentiate between exempt and non-exempt supplies can lead to incorrect GST liability.
Step 8: Failure to Account for Reverse Charges.
Can I view GST reports in BUSY according to bill date ranges? If so, what is the process?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
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 Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
How can I get bill-wise reports for my BB and BC sales from BUSY?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
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 Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
How do I link GST payments made to the liability shown in the software?
To link GST payments made to the liability shown in the software, you need to follow these steps:
Step 1: Go to Display and then click on GST reports.
Step 2: Under GST reports click on GST summaries and then select GST summary.
Step 3: Select the date range for making gst adjustment entries.
Step 4: Press F4 and make entry for the GST adjustment entry further for liability payment have to enter GST payable entry.
Step 5: Then click on regular GST payment and select the voucher type as Journal, account debit will auto shown and select the account to be credited as GST payable account which should be made under group current liabilities.
Step 6: The GST nature should be GST payment to government and entry will get auto post.
How can I filter the GST report in BUSY to only show BC sales?
To get bill-wise reports for your B2B and B2C sales from BUSY, follow these steps:
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 Registers
Step 5: Look for the Gst Sales register Report option, and click on it to access this specific report
Step 6: There is option to the open report Bill Wise / Item Wise / Combined .
Step 7: you can select as Bill wise option .
Step 8: This report will display a breakdown or bifurcation of the output tax data based on tax rates
How can I cross-verify the tax liability shown in the B report generated by BUSY with my original purchase/sale details?
To Cross-verify the tax liability shown in the 3B report generated by BUSY with my original purchase/sale details, please follow steps :
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
