Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
I want to include sales returns data in the sales register in BUSY but am unable to. What is the setting required to include sales returns in the sales register?
To check if there are any sales returns to include in your GST report, you can follow these steps within your BUSY:
Step 1: Go to Transactions menu
Step 2: Select Sales or sales return
Step 3: Review Sales Returns with specific date range
Step 4: Double-check the details of each sales return, including the return date, the customer's information, the returned items, and the amount involved.
Step 5: Review the final totals in your GST report to make sure they accurately reflect both your sales and sales returns for the reporting period.
I am struggling to match my GST credit and cash ledgers in BUSY each month. What is the recommended way to enter GST payments to align the two ledgers?
If you are strugling to match gst credit and cash ledgers in BUSY then it is recommended to
follow the process
Step1 On each month at the time of gst payments go to the display menu in BUSY
Step2 Click on GST Reports and select GST summaries then click GST summary
Step3 select the date range for the period and ok
Step4 press F4 to adjust taxes like regular tax adjustment , cross adjustment and RCM to
regular tax adjustment then click on gst payment to pay the taxable amount to government
In Supply inward register report showing Text in narration field adding by custom column but in ITC Claim Register not showing text in narration field added by custom column.
If narration field showing data in supply inward register but not in ITC Claimed register report that means custom column is not added correctly in ITC Claimed Register report can add narration column by following steps:-
Step1: After open the ITC Claimed Register report then go click in custom column tab in the top of report.
Step2: Add Format name and then click on add new column ,enter heading name , position and data type , then do select inventory voucher header in category field and select narration field and then resave column and reload report.
The taxable amount shown in my BUSY summary does not match the amount in GSTN. Why is there a mismatch, and how can I resolve it?
Here are common reasons for the mismatch and potential solutions:
Step 1: Check Incomplete or Missing Transactions.
Step 2: Check for any unrecorded transactions and enter them into your accounting software.
Step 3: Double-check the tax rates and tax codes used for each transaction.
Step 4: Changes in GST tax rates by the government can lead
Step 5: If the discrepancy is complex or persists,consider consulting a tax professional or a chartered accountant who is well-versed in GST compliance.
Step 6 : Check GST Audit report and reconcile report to find mistch amounts and accounts .
I made some accounting entries for IGST input credit but my software is showing it as credit balance instead of debit balance. What is going wrong?
If your accounting software is showing your IGST input credit as a credit balance instead of a debit balance, here are simple steps to figure out and correct the issue:
Step 1: In accounting, debit and credit don't mean positive or negative. Step 2: Check your accounting entries. Step 3: If you've accidentally made a credit entry, you'll need to make a debit entry to balance it out.
Step 4: Verify that you've chosen the right account for the IGST input credit entry.
Step 5: Check that you've entered the transaction in the right accounting period.
The B report shows a tax payable amount that does not match my calculations. How does BUSY arrive at the tax payable amount shown in B?
Here are common reasons for the mismatch and potential solutions:
Step 1: Check Incomplete or Missing Transactions.
Step 2: Check for any unrecorded transactions and enter them into your accounting software.
Step 3: Double-check the tax rates and tax codes used for each transaction.
Step 4: Changes in GST tax rates by the government can lead
Step 5: If the discrepancy is complex or persists,consider consulting a tax professional or a chartered accountant who is well-versed in GST compliance.
Step 6 : Check GST Audit report and reconcile report to find mistch amounts and accounts .
I am getting errors while generating GST returns JSON file from BUSY. How to resolve this?
Getting errors while generating a GST returns JSON file from BUSY ,To resolve these errors, follow these steps:
Step 1: Carefully read and understand the error message
Step 2: Ensure that all invoices, transactions, and entries are correctly recorded, with the appropriate tax rates and classifications.
Step 3: Reconcile your data in BUSY with the data in the GST portal.
Step 4: Review your data for duplicate entries, which can cause errors in the JSON file
Step 5: Make sure that you follow the correct steps and that the software generates the JSON file accurately.
How to file GSTR- correctly showing exempt sales as nil rated/exempt in BUSY?
To correctly file GSTR-1 in BUSY, showing exempt sales as Nil Rated/Exempt, Here's how to do it:
Step 1: ensure that you have set up a tax category for exempt sales in BUSY.
Step 2: Seelct an Exempt sales type in voucehr entry
Step 3: record sales transactions in BUSY
Step 4: Double-check that the tax rate in the voucher for exempt sales
Step 5: Once you've recorded all your sales transactions, generate the GSTR-1 report.
Step 6: carefully review the GSTR-1 report to ensure that your exempt sales are correctly categorized as Nil Rated/Exempt.
The tax summary report is not showing accurate amounts. What could be wrong?
Here are common reasons for the mismatch and potential solutions:
Step 1: Check Incomplete or Missing Transactions.
Step 2: Check for any unrecorded transactions and enter them into your accounting software.
Step 3: Double-check the tax rates and tax codes used for each transaction.
Step 4: Changes in GST tax rates by the government can lead
Step 5: If the discrepancy is complex or persists,consider consulting a tax professional or a chartered accountant who is well-versed in GST compliance.
Step 6 : Check GST Audit report and reconcile report to find mistch amounts and accounts .
Why is the tax amount showing differently in two of my reports?
Here are some common factors that might cause tax amount , please follow below steps :
Step 1: Check both reports to ensure that all transactions are accurately recorded with the correct tax amounts, tax rates, and transaction dates.
Step 2: If you've made adjustments or corrections to your data in one report but not in the other,
Step 3: Changes in tax rates, tax rules, or exemptions can affect the tax amounts in your reports.
Step 4: Some tax calculations involve rounding, and different reports
Step 5: If one report includes incomplete or missing data,