Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I need to add columns for Quantity and Rate in the GST Sales Register report in BUSY. How can I do this?
If you want quantity and rate fields in GST sales under gst reports,you can open and then add custom column for quantity and rate fields as available by selecting coloumn number and heading in custom coloumns and also you must have stanrard or enterprise model to add custom column and user right to add columns in reports.
When you will open sales register in gst registers,On top right select custom columns,then follow these steps
Step 1 add format name for custom column and then add new columns
Step 2 Mention heading for columns like quantuty or rate,then position,data type,alighnment and amount details if data type is numeric
Step 3 Now in data field,select category like master,or accounting or inventory voucher header or body and then click on fields and fields for data will be loaded
Step 4 Now select quantity or rate fields from the list and then save the changes
Step 5 Now again open sale register from gst registers,select format name you have added and then date range and then load report
Step 6 Now you can check column quantity and rates will be shown in report
I see pending status for my GST returns filing. How do I change the status and ensure successful filing?
If you see pending status for your GST returns filing, to change the status and ensure successful filing, you need to follow the below steps:
Step 1: Check BUSY latest version and Release.
Step 2: Take Backup and Go to House - Keeping Menu, Click on Update Master Balances and Run update master balances & update voucher GST Summary.
Step 3: Go to Display Menu, Click on GST Reports option, Click on GSTR-1 GSTR-3B and select required options Starting date & Ending date, Click on OK
Step 4: Verify GST Configuration Settings.
Step 5: Cross-Check Input Data. Double-check the data entered for GST transactions. Ensure that all relevant details are accurately recorded to reflect in the GSTR-3B report.
Step 6: Select GST Returns and choose the return options the you want to generate such as GSTR-1 eReturn, GSTR-3B eReturn, etc.
Step 7: Select Report to be generated options such as Direct Upload, JSON, CSV File, etc.( Direct Upload option is currently available for GSTR-1 only).
Step 8: Enter the period and can generate GST Returns according to the option selected.
I am unable to understand the GST reports generated in BUSY. Can you explain what the different values mean?
Here's an explanation of the key values and terms typically found in GST reports:
Step 1: GSTIN (Goods and Services Tax Identification Number):This is your unique GST identification number. Step 2: Taxable Value:The total value of goods or services on which GST is applicable. Step 3: CGST (Central Goods and Services Tax):The Central GST is a tax component collected by the Central Government.
Step 4: SGST (State Goods and Services Tax):The State GST is a tax component collected by the State Government.
step 5:IGST (Integrated Goods and Services Tax):The Integrated GST is applicable to the supply of goods and services between different states or union territories
Step 6: CESS (Cess):Cess is an additional tax levied on certain goods and services. Step 7: Reverse Charge Mechanism
Step 8: Exempted Supplies:Supplies of goods or services that are not subject to GST
Step 9: Non-GST Supplies:Some supplies may be outside the purview of GST.
Step 10: Zero Rated Supplies:Supplies that are taxable at a GST rate of 0% are classified as zero-rated supplies.
Step 11: Nil Rated Supplies:Nil-rated supplies are those on which GST is applicable at a rate of 0%
I need help understanding how to post and report GST taxes using BUSY. What do I need to know?
To post and report GST taxes using BUSY, you need to understand the following:
1. Configure GST Settings: Set up your GST-related settings in BUSY, including tax rates, tax codes, and HSN codes.
2. Record Purchase and Sales Entries: Enter purchase and sales invoices accurately, ensuring that the GST rates and tax codes are correctly assigned.
3. Generate GST Reports: GST reports to analyze and track your GST transactions. These reports provide details such as tax liability, input tax credit, and tax payments.
4. Reconcile GST Entries: Regularly reconcile your GST entries with the GST portal data to ensure accuracy and compliance.
5. File GST Returns: Use BUSY to generate and file your GST returns, such as GSTR-1, GSTR-3B, and GSTR-9.
6. Understand Input Tax Credit: Learn how to claim input tax credit on eligible purchases and utilize it to offset your GST liability.
7. Stay Updated: Keep yourself informed about any changes in GST rules and regulations to ensure compliance with the latest requirements.
It is recommended to refer to the BUSY documentation or consult their customer support for detailed instructions specific to your business needs."
How to generate GST return in BUSY if my annual turnover is less than Rs lakh?
To generate GST return in BUSY, if you annual turnover is less than Rs 1 lakh, you need to follow the below steps:
Step 1: Check BUSY latest version and Release.
Step 2: Take Backup and Go to House - Keeping Menu, Click on Update Master Balances and Run update master balances & update voucher GST Summary.
Step 3: Go to Display Menu, Click on GST Reports option, Click on GSTR-1 GSTR-3B and select required options Starting date & Ending date, Click on OK
Step 4: Verify GST Configuration Settings.
Step 5: Cross-Check Input Data. Double-check the data entered for GST transactions. Ensure that all relevant details are accurately recorded to reflect in the GSTR-3B report.
Step 6: Select GST Returns and choose the return options the you want to generate such as GSTR-1 eReturn, GSTR-3B eReturn, etc.
Step 7: Select Report to be generated options such as Direct Upload, JSON, CSV File, etc.( Direct Upload option is currently available for GSTR-1 only).
Step 8: Enter the period and can generate GST Returns according to the option selected.
How do I record imported goods purchase correctly in BUSY?
To implement complete Import purchase cycle in BUSY, first we need to create various masters which are required
at the time of entering vouchers.
Step 1: Create ‘I/GST-Import (Taxable)’ Purchase Type master
Step 2; Create ‘Import(Exempt)’ Purchase Type master for Exempt import
Step 3: Create a new Account ‘IGST Paid Against Import’ required for maintaining account for IGST paid against
imported goods
Step 4: Create following Bill Sundry masters Custom Duty
Step 5 : IGST (Import) – This Bill sundry is to be applied in Purchase voucher for IGST charged on goods imported.
Step 6: Others (Freight, Clearing, Shipping) – This Bill sundry is to be applied in Purchase voucher for other charges
Step 7: Create Dummy Party ‘Import Purchase
Step 8: Enter vouchers for multi-currency related transactions and additional expenses incurred
Step 9: Add Journal voucher for multi-currency related transaction.:
Step 10: Now enter Purchase voucher for the goods imported and tag the Bill Sundries respectively.
Step 11: Enter Payment voucher for payment of Custom duty and IGST amount
Step 12: You can view GSTR-2 (5A) Report for Import of Goods
I want to know how to enter taxes in BUSY that I have to show on GST portal but cannot take input credit for. What should I do?
the process of GST and IGST tax that you want to show on GST portal but don't want to take input credit in BUSY then follow these steps
basically for that we have two options:
step 1: while entering purchase transaction you can select itc eligibility as section 17(5) ineligible ITC and then select all relevant deatils also BUSY auto calculate GST in transaction there is no need to calculate it manually .
or you can go with other option
step 1: go to the GST misc. utilities under transaction menu
step 2: then click on monthly ITC tagging as per GSTR2a or 2B
step 3: select tagging type party wise or date wise
step 4: then mentioned start and end months, also there is other option you can select relevant deatils as per you required.
step 5: after open report you can see all the transactions
step 6: press F4 on particular transactions , ITC claim status screen will be appeared , you can select status as not to be claimed and select period of return
I have two companies registered under GST but the software is showing issues when I try to file returns for both companies. What could be wrong?
If you are getting error while return file then the reason could be various
follow the steps to solved the issue
Step1 Open the specific company and open it
Step2 go to display menu and click on GST reports then click on GST returns
Step3 Click on GSTR1 ereturn and select the mode of return automatic or json
Step4 then select the period and click on Ok
Step 5Then click on Check error in transaction and if showing any invalid entry then
enter on it and modify the error could be invalid GSTIN or special character
Step6 Then click on chek error in hsn summary and enter on specific invalid hsn
then enter on it to modify if there is uqc error then click on Update Uqc
if showing invalid HSN then enter on transaction then click on item and modify HSN
if showing HSN should be numeric then remove the character or special characters from HSN
Step7 then click on check error in document summary and modify the entries then proceed with json or automatic
The cross entries I made for GST are not balancing out. The system is still showing separate values instead of netting them off. Please advise.
If Net amount is not coming in GST Summary then,you can follow some steps:
Step 1: It is recommended to first take backup of your Data.
Step 2: Now check the input-output adjustment and cross-adjustment in GST otherwise you can delete those entry that you have entered.
Step 3: Now you can check your balance tax payble and ledger balance of all tax type in GST Summary.If balance tax payble and ledger balance are not mismatch with each other then check in short range with disable option New set off rule 2019 in GST Summmary while you select period.
Step 4: After match balance tax payble and ledger balance,you have to adjust input output and then cross adjustment by press short key F4 in GST Summary
Step 5: After adjustment if output remain in GST summary then you need to transfer remaining Output tax in GST Payable ledger if you do not pay for that month.
Step 6: Also, ensure that the suggested entries are already there in the account. Monthly adjustments are better than yearly adjustments.
I made some changes to purchase vouchers later. How can I reflect this in my GST reports?
To refelect made changes in purchase voucher in GST Reports You can run Update Voucher GST Summary but you need to follow some steps:
Step 1- Take the backup of your concern company.
Step 2- Open your company and go to house keeping
Step 3- After click on house keeping Click on the Update Voucher GST Summary.
Step 4- Click on the partial or can select full and run the process.
If you have made change in bill sundry,Sale type etc then you need to run Regenerate Dual Voucher for purchase voucher and you can follow these steps:
Step 1: take backup of your concern company.
Step 2: Now open your company and click on House Keeping.
Step 3: Now click on Regenerate Dual Voucher then it will show you the prompt for Take backup there you can Tick for option you can proceed as I have the latest backup.
Step 4: Now apply filter in which you have made changes otherwise tick on None option.
Step 5: Now Filter on date and selected voucher as per your requirement and click on OK Option. After completion of process you can check your data.
