Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I made sales under the composite scheme but the CGST and SGST amounts are not getting generated on the credit side in the ledger. What should I do to see these amounts?
Here are some steps you can take to understand and manage the CGST and SGST under the Composition Scheme:
Step 1: The Composition Scheme is available for small businesses meeting specific criteria.
Step 2: Typically, businesses under the Composition Scheme pay a fixed percentage of their turnover as tax, and this amount is not bifurcated into CGST and SGST.
Step 3: Review the ledger entries related to your sales under the Composition Scheme.
Step 4: generate GST reports specific to the Composition Scheme.
Step 5: Check your GST returns (GSTR-4 for composition taxpayers) to see the details of the tax paid under the Composition Scheme.
How can I view the tax breakup for each item when multiple tax rates are used in a single invoice? The current reports only show totals.
The specific steps may vary depending on the software you're using, but here's a general guideline:
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 Sales/ Purchase register Reports.
Step 3: Click on it to proceed.
Step 4: In the Sales/Purchase register Reports section,Look for the option labeled show bifurcation of tax amounts . Step 5: Review the Bifurcation of Tax Rate Wise and Genate the report . Step 6: This report will display a breakdown or bifurcation of the output tax data based on tax rates.
I want to get a consolidated report of all taxes applied, party-wise and invoice-wise in BUSY. How can I generate this?
To get a consolidated report of all taxes applied, party-wise and invoice-wise, in BUSY, you can follow the below steps:
Step 1: Go to Display, then select GST Reports, then select GST Registers.
Step 2: then select Supply Outward Register, then select All Party,
Step 3: then select the correct date range, select the relevant information, and then press F2 or OK.
Step 4: After loading the report, you can summaries on a double level, party-wise and invoice-wise, by selecting the option for document number and prty and clicking on summaries.
Step 5: These reports will provide a consolidated report of all taxes applied, party-wise and invoice-wise.
The closing balance for GST is not matching between BUSY reports and actuals from GST portal. What could be the reason?
To view the reason why the closing balance for GST is not matching between BUSY reports and actuals from the GST portal,
You need to reconcile GSTR data to match the BUSY reports and portal reports for GST, you need to follow the below steps:
Step 1: Click on transactions.
Step 2: GST misc utilities
Step 3: Download GSTR JSON data.
Step 4: Then Reconcile GSTR data for GSTR-1, GSTR-2A (Party wise) and (Vch. wise), GSTR-2B (Party wise) and (Vch. wise), GSTR-3B,
Step 5: Then select the relevant information and set Yes to mismatch report only to view the mismatch details.
I am unable to generate the GST purchase report in BUSY. It shows "permission denied" error. How can I resolve this?
If you're seeing a permission denied error when trying to make a GST purchase report in BUSY, please follow below 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 you can find GST register option.
Step 5: Click on the appropriate option to view the GST Register for sales or purchases.
Step 6: logging computer with administrator user .
Step 7: Run BUSY as Run as administrator .
The current liability balance in my balance sheet is incorrect. How can I troubleshoot this issue?
Here are steps to help you identify and resolve the issue:
Step 1: Look for any errors in recording these transactions. Step 2: Ensure that the opening balances of your current liabilities in the beginning of the accounting period are accurate. Step 3: Ensure that all bills have been properly recorded and that any discrepancies are addressed.
Step 4: Confirm that all expenses that should be accrued have been accounted for.
Step 5: Reconcile your bank statements to ensure that all transactions have been recorded accurately.
Step 6: Data entry errors can easily lead to incorrect balances. Step 7: Make the necessary adjustments to correct the balance.
How can i export GST supply outward register from June to June in excel?
To export GST supply outward register from 1 June to 30 June in excel, follow these steps:
Step 1: Go to display section then click GST reports
Step 2: Choose for GST registers then select supply outward register.
Step 3: Now, A window will appear to select party, click on all party tab.
Step 4: Mention the date range for 1 june to 30 June and click on Ok tab to open the report.
Step 5: Press ALT+E to give export command, select Microsoft excel in data format, specify path for file in file name and press on ok tab, file will successfully exported in defined location.
What is clause and what steps should I take to resolve it for income tax purposes?
clause 44 is a tax audit report required for businesses with a turnover of more than Rs. 1 crore. It is used to report business income and expenses to the Income Tax Department. To resolve it for income tax purposes, you need to prepare and file the tax audit report with the Income Tax Department. It is recommended to seek professional help for this process.New clause 44 of Form 3CD was introduced requiring entities to disclose the break up of total GST and non-GST expenditure irrespective of whether they are registered under GST or not. Let’s take a deeper look clause 44 of tax audit report.
Why is the GST credit showing differently in my accounting software versus the government portal?
Differences between the GST (Goods and Services Tax) credit, Here are some common reason :
Step 1: Data entry errors, such as incorrect amounts, tax codes, or dates, can cause differences in GST credits between your software and the portal.
Step 2: Government portals may have processing times for data updates and tax credit approvals.
Step 3: If certain filings or data submissions are incomplete
Step 4: Manual adjustments made in BUSY or the portal may not be consistent, causing variations in the GST credit.
Step 5: Changes in GST rates, tax laws, or regulations may not be immediately reflected in BUSY causing differences.
What is the recommended procedure to match my GST filing with the transactions in BUSYAccounting?
To align GST return filing with transactions in BUSY, follow these steps:
step 1:Navigate to the GST Misc. Utilities and open the option to download GSTR JSON data.
step 2:Download GSTR1 in either automatic or manual mode.
step 3:Select the month for downloading that requires alignment.
step 4:After downloading GSTR1 JSON, proceed to the reconcile GSTR data and click on Reconcile GSTR1.
step 5:Choose the start and end months, along with any other pertinent details as required, then open the report.
step 6:Once the report is open, cross-reference the GST return data with your records in BUSY to ensure alignment.