Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I created multiple subgroup accounts under Duties and Taxes. Now transactions are not getting tagged properly. What is the correct way to set up accounts for GST, TDS, etc.?
For GST-related accounts, make sure you group them under 'Duties and Taxes,' and set the tax type according to whether it's GST or TDS.
I want to see breakup of the taxable value, total tax liability, CGST and SGST in my GST reports. Which report should I use?
to see breakup of the taxable value, total tax liability, CGST and SGST in my GST reports then you can use GST SUMMARY report
I made an adjustment entry to nil the GST but it is still showing up in my balance sheet. Why is that?
It is possible that some bills have not been fully adjusted, which is causing the adjustment entry to still appear on the balance sheet.
How can I match my total invoice amounts/expenses between my books and GST reporting in BUSY when some input tax is ineligible?
Matching of total tax amount and gst reporting:
Step 1 : ITC eligibility
Step 2 : Seperate ineligible expense
Step 3 : Regular reconciliation
I want to know if tax is being deducted properly in my GST summaries. Can you confirm if this is happening?
To check GST summary showing proper tax check :
Step 1 : Review your transactions
Step 2 : Check input and output tax in GST summary
The GST reports are not showing data in the format I need. How can I customize the report output in BUSY?
The standard GST reports in BUSY can not be customized or altered because the software
does not provide the option to modify them
The layout and formatting of my reports are not as expected. What can I do to customize them?
If the layout and formatting of your reports are not as expected, then you need to contact your solution partner or your channel partner.
I am unable to see the ITC reversed entry in the credit note. How can I get it to show properly?
ITC reversed entry for credit note is not available in BUSY , you need to pass journal voucher for tax adjustment in BUSY
The ITC claim report needs to be kept for days as per BUSY. Is there a way around this mandatory timeline?
There is no timeline for maintaining the ITC Report in BUSY software. Please provide more details so that we can assist you accordingly.
What capabilities are blocked when my BLS license expires? Can I still generate some file formats?
When your BLS license expires, certain capabilities in BUSY software may be blocked. You may not be able to generate certain file formats.