Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
Why are some of my sales invoices missing in the tax liability report?
If some of your sales invoices missing in the tax liability report, you need to check the below reasons:
1. You need to check which invoice is not showing on the GST report. Check the sale type in the sale. Make sure the skip in GST report option is set to N; if set to Yes, the invoice will not appear in the GST report.
2. You need to check which invoice is not showing on the GST report. On that check the item and product master in the item and product master. Make sure the skip option in the GST report is set to N; if you put it as Yes, then that invoice will not show up in the GST report.
3. Also, you make sure the date range you report checking is the correct date range for which you want to see it.
4. If you are using an Enterprise version, then you should approve the voucher entry to show the transaction.
How do I reconcile the total turnover and taxable turnover amounts in GST returns when freight and forwarding charges are excluded from taxable turnover?
In BUSY if you wants to reconcile your taxable amount in accounts as well as in gst reports,excluding any expnses like freight and forwarding charges,you can check reports as these steps
Step 1 Open your company and go to display
Step 2 Go to gst reports
Step 3 Select gst audit reports
Step 4 Then select reconcile accounts & gst for sales or purhcase or account vouchers
Step 5 Now select date range and report will be loaded
Step 6 Now you can check taxable amount as per account and as per gst reports balance
Step 7 If you found mismatch in taxable amounts,check by entering transaction and then check any expenses like in bill sundry discount or freight and forwarding charges etc.and to match,you have to apply tax on such expnses accordingly or tag account in bill sundry accordingly
Note:Audit reports ensures sale or purchase in gst reports and profit and loss is matching along or excluding expenses in transactions like freight or forrwarding chareges,discount etc.
I am unable to claim ITC for my business purchases. What should I check to claim the full ITC amount?
To claim the full Input Tax Credit (ITC) amount for your business purchases, you should check the following:
1. Ensure that the purchases are eligible for ITC as per the GST rules.
2. Verify that the supplier has correctly filed their GST returns and uploaded the invoices.
3. Check if the invoices are correctly entered in your accounting software, including the correct GSTIN, invoice number, and date.
4. Make sure that the invoices are within the prescribed time limit for claiming ITC.
5. Verify that the ITC amount is correctly calculated based on the GST rate and the eligible amount.
6. Ensure that there are no mismatches between your GSTR-2A and GSTR-3B returns.
7. Double-check if you have correctly tagged and claimed the ITC in your accounting software.
If you have checked all these points and are still unable to claim the ITC, it is recommended to consult with a tax professional or reach out to the customer support of your accounting software for further assistance.
How do I adjust my GST liability when the tax period falls in different financial years?
To adjust your GST liability when the tax period falls in different financial years, you need to follow these steps:
1. In the new financial year, create a journal entry to adjust the opening balance of the GST liability account. Debit the GST liability account and credit the opening balance equity account.
2. Make sure to adjust the input tax credit (ITC) and output tax liability for the previous financial year separately. This will help in accurate reporting and reconciliation.
3. Carry forward the unadjusted ITC from the previous financial year to the current financial year by creating a journal entry. Debit the ITC account and credit the opening balance equity account.
4. Adjust the ITC against the output tax liability in the current financial year by creating a journal entry. Debit the output tax liability account and credit the ITC account.
By following these steps, you can properly adjust your GST liability when the tax period falls in different financial years.
What should I do if entries or transactions are not showing up as expected in BUSY?
If entries or transactions are not showing up as expected in BUSY, you can try the following steps:
1. Check the date range: Make sure you are viewing the correct date range for the entries or transactions you are looking for.
2. Refresh or reload the page: Sometimes, refreshing or reloading the page can help display the missing entries or transactions.
3. Check filters and search criteria: Ensure that any filters or search criteria you have applied are not excluding the entries or transactions you are trying to find.
4. Verify data entry: Double-check the accuracy of the data entry for the entries or transactions. Make sure they were entered correctly and saved.
5. Reconcile accounts: If you are expecting transactions to appear in specific accounts, reconcile those accounts to ensure that the transactions have been properly recorded.
6. Contact customer support: If the above steps do not resolve the issue, reach out to BUSY's customer support for further assistance.
The GST settings in my software seem to have been deleted or removed. How do I re-add the GST details?
After enabling GST/VAT while creating your company, you can easily configure the GST-related settings such as Sale/Pur Type, Tax Category, etc. Then, you can create your items with GST details and generate GST invoices. Further you can still enable it later by following these steps. Please make sure to take latest backup of your data before make any changes.
Step 1: Go to Administration and click on configuration.
Step 2: Select Features / Options and click on GST / VAT, here you will see a option called Enable GST/VAT Reporting click on check box to turn in on and select type as GST and choos type of dealer either Regular or Composition. Enter your GSTIN and click on Create Default GST Masters and save.
Step 3: Now, you can mention tax category, hsn code in your item master and GSTIN in your party masters. You are ready to generate GST invoices. Please note once you enable this feature and pass transaction then you can't disable that feature.
How do I change the status of vouchers from unclaimed to claimed in the software after I have claimed them?
To enable itc tagging and tag itc as claimed,follow these steps
Step 1: Go to administration menu and select configuration from it.
Step 2: In configuration option select feature and option.
Step 3: Then select GST/VAT option and make sure to mention Y in the enable ITC tagging after that click on save button.
Step 4: After that go to transcation option and select GST misc. utilities option.
Step 5: Then select monthly itc tagging as per 2A or 2B.
Step 6: In next window of monthly ITC tagging to be shown as select party wise or date wise as per your requirement.
Step 7: After that select the period for which you want use tagging.
Step 8: Now press F4 key to change status from pending to claimed and mention period in which select return period.
Step 9: Then go to display option and select Gst reports option and open different reports by mentioning Y on the pick relevant Itc tagging from monthly itc tagging.
I am trying to tag ITC as claimed but unable to do so. What is the process to tag ITC as claimed?
To enable itc tagging and tag itc as claimed,follow these steps
Step 1: Go to administration menu and select configuration from it.
Step 2: In configuration option select feature and option.
Step 3: Then select GST/VAT option and make sure to mention Y in the enable ITC tagging after that click on save button.
Step 4: After that go to transcation option and select GST misc. utilities option.
Step 5: Then select monthly itc tagging as per 2A or 2B.
Step 6: In next window of monthly ITC tagging to be shown as select party wise or date wise as per your requirement.
Step 7: After that select the period for which you want use tagging.
Step 8: Now press F4 key to change status from pending to claimed and mention period in which select return period.
Step 9: Then go to display option and select Gst reports option and open different reports by mentioning Y on the pick relevant Itc tagging from monthly itc tagging.
What is the process to record GST and AGS tax that we have to pay but cannot take input credit for in BUSY?
AGS tax not available in BUSY
the process of GST Tax that you have to pay 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
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
How can I troubleshoot an HSM error while exporting GSTR- to Excel?
To troubleshoot an HSN error while exporting GSTR1 data to excel you need to follow the steps
Step1 Go to display menu and click on GST reports then click on GST Return
Step2 Click on GSTR 1 and select the period and OK
Step3 after opening the GSTR1 reports click on section 12 hsn wise summary of outward supplies
Step4 here you can can check the invalid HSN codes will show on invalid data fould box with reason so rectify it by click on hsn then click on transaction details and click on the voucher where the items hsn was entered and modify it then save
Step5 after modifying of all hsn error go to GSTR1 ereturn option and select the period
then select Plain excel and set path to export
Also need to ensure HSN code must be 4 digit and if your turnover more than 5 crore then the
HSN code should be 6 digit
