Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
How can I get details of the reverse charge ITC applicable on freight charges?
To get details of the reverse charge Input Tax Credit (ITC) applicable on freight charges, follow these steps:
Step 1: To view reverse charge ITC entries related to freight charges, you usually need to access Form GSTR-2 or GSTR-3
Step 2: Choose the return period for which you want to view reverse charge ITC entries
Step 3: navigate to the Input Tax Credit (ITC) section in the return . Step 4: You can typically filter the entries to specifically view those related to freight charges
Step 5: Depending on your findings, you can file the return or make amendments as needed.
I need to do a credit reversal for goods received in the next month. Is there an update in BUSY for handling this new requirement?
You can manually pass reversal entry of Input credit in journal voucher for goods received in the next month follow the below steps:
Step 1: Go to transaction menu
Step 2: Then click on Journal voucher option
Step 3: Then click on ADD button
Step 4: Then specify date and voucher number
Step 5: Then select Gst Nature as Gst Tax Adjustments
Step 6: Then specify entry and while saving voucher, Gst Adjustment detail window will appear
Step 7: Then Select ITC Reversal/Ineligible ITC in the given option GST Adjustement Type
Step 8: Then specify other details and save the voucher
I want to claim ITC on debit notes issued to my customers. What should I do to ensure this reflects correctly in my GSTR-B filing?
To claim Input Tax Credit (ITC) on debit notes issued to your customers and ensure it reflects correctly in your GSTR-3B filing, follow these steps:
Step 1: Make sure that your debit notes are issued in compliance with GST rules and regulations.
Step 2: Adjust the debit notes to the original invoices
Step 3: Reconcile your debit notes with customer records and verify that the debit notes.
Step 4: Include the debit note details in your GSTR-1 return
Step 5: Compare the debit notes issued to customers with the details available in GSTR-2A.
Step 6: Claim ITC in GSTR-3B.
I am unable to see my IGST input credit balance. It shows zero balance whereas my purchases have IGST. How can I correct this?
If your IGST input credit balance is showing zero even though you've made IGST purchases, here are simple steps to help correct the issue:
Step 1: review the entries for your purchases
Step 2: Make sure you've correctly entered the GSTIN Step 3: Check that the tax period of your purchase entries aligns with the period for your GST returns. Step 4: Ensure you've filed your GST returns for the relevant period.
Step 5: Reconcile your accounts to make sure your input tax credits match your purchase transactions.
Step 6: Different regions may have specific requirements for claiming input tax credits.
What all ledgers and registers need to be updated when passing a reverse entry for GST paid earlier in BUSY? Please advise.
You need to update various ledgers and registers to accurately reflect the reversal of the GST payment., Please follow below steps :
Step 1: Update the Party ledger account to reflect the reversal
Step 2: Debit the GST ledger account to reverse the earlier credit taken for the GST paid.
Step 3 : If the reverse entry relates to a purchase, update the purchase register to reflect the reduction in the GST amount.
Step 4 : If you made a payment for the GST earlier, update the payment voucher register to reflect the reversal of the payment.
The GST return generated from BUSY has wrong values. What could cause such discrepancies and how can I ensure correct GST returns?
Here are some common factors to consider:please follow steps :
Step 1: Check for data entry errors in BUSY .
Step 2: Make sure that transactions are correctly classified as either interstate or intrastate.
Step 3: Verify that the data in your GST returns matches the data
Step 4 : Check GST Summary Report from Display and then GST reports menu .
Step 5: Run update master Balnace utility from House keeping menu
Step 6: If you've made amendments or adjustments to your GST returns, ensure that these changes are accurately reflected in your balance sheet.
Few Item’s tax rates have changed from 12% to 18%. How can we change the tax rate of an item in BUSY?
Change in Tax rate of an Item.
The government changed GST rates from time to time to rationalise the GST structure.To correct the inverted tax structure which is very important for businesses to run smoothly and not to face any working capital issues.
To change the tax rate of an item in BUSY follow the below steps:
Step 1: Create a new GST tax category master from Administration>master>Tax Category>Add.
Step 2: Mention 12 % in the upper portion and mention 18% details in the bottom, change in tax rate window.
Step 3: Now tag this tax category master in items, those tax rates have changed.
What steps should I follow to accurately consolidate my GST liability and input tax credit in my accounting software?
"To correct GST input tax in GST ereturn, please follow below mnetioned steps:
Step 1: Go to display menu and then GST Summary.
Step 2: Ensure your balance tax payable and ledger balance both value should be matched.
Step 3: Press F4 to adjust the CGST,SGST, IGST output balance to adjust with input balance.
Step 4: Press F4 for adjusting output bal(if any) with input balance of other head.
Step 5: Debit balance of all heads wil carry forward in next month automatically and credit balance, you need to make payment at the end of month in GST payable account. "
My vouchers are showing incorrect amounts after regeneration. What could be the reason and how to fix it?
Here are some common factors to consider:please follow steps :
Step 1: Check for data entry errors in BUSY .
Step 2: Make sure that transactions are correctly classified as either interstate or intrastate.
Step 3: Verify that the data in your GST returns matches the data
Step 4 : Check GST Summary Report from Display and then GST reports menu .
Step 5: Run update master Balnace utility from House keeping menu
Step 6: If you've made amendments or adjustments to your GST returns, ensure that these changes are accurately reflected in your balance sheet.
The GST amount shows a negative value instead of netting off with input GST. How to correct this?
When the GST amount shows a negative value instead of netting off with input GST,To correct this issue, follow these steps:
Step 1: Carefully review your GST transactions, including both the input GST (credits) and output GST (liabilities).
Step 2: Identify the specific transactions or entries where the GST amount is showing as a negative value.
Step 3: Go to GST reconciliation into the transaction menu to match the input GST with the output GST for the same period.
If you find that specific transactions were incorrectly categorized or entered, consider reversing them and re-entering the correct information.