Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
Why are some of my invoices shown as pending for tagging even after I have claimed input credit for them?
Some invoices may still show as pending for tagging even after claiming input credit because they might not have been properly tagged. It is important to ensure that all invoices are correctly tagged to the relevant period in order to claim input credit successfully.
In BUSY you can use the Montly ITC Tagging option to claim your pending ITC in GSTR-3B return. To do this you need to follow these steps:
Step 1: Open the Transactions menu and select GST Misc. Utilities.
Step 2: Choose Montly ITC Tagging as per GSTR-2A / 2B and enter the period then Select ITC Status as Pending.
Step 3: The report will show you all the pending transactions. You need to press F4 to change the status and select ITC Status as Claimed and mention the return period.
Step 4: Now, when you generate the GSTR-3B return set Y on Pick Relevant ITC from Monthly ITC Tagging?
The report will generate will all the ITC that you have tagged in the selected period.
What are the correct settings and procedures for error-free GSTR- filing in BUSY?
To ensure error free GSTR1 filling in BUSY follow the setting and procedure
1 need to enusre that you have installed latest version and release of BUSY
2 Go to administration menu click on configuration then click feature options then click on
GST VAT option and enable gstin number filling frequency and type of dealer then save
3 Make proper Sale voucher with party GSTIN address proper tax rates and item HSN codes
4 Before creating GSTR1 return file Go to Display menu and click on GST reports
then select GST Return and click on GSTR1 and select period then go to HSN summary and
check is their any invalid HSN showing or not if showing then modify it
Match the taxable amount and tax amount and save
5 then go to GSTR1 ereturn option from GST return option select the period of file
check possible errors and modify then generate file
What is the relationship between GST input, output, purchases, sales and ITC claims? I am unclear about how this works.
The relationship between GST input, output, purchases, sales, and ITC claims is as follows:
- GST input is the tax paid on purchases made by a business.
- GST output is the tax charged on sales made by a business.
- The input tax credit (ITC) is the credit that a business can claim for the GST paid on purchases.
- The ITC claim is the process of claiming the credit for the GST paid on purchases.
- The ITC claim is adjusted against the output tax liability, which is the tax charged on sales.
- The difference between the input and output tax is either paid to the government or claimed as a refund, depending on the situation.
In summary, businesses can claim the GST paid on purchases as input tax credit, which is then adjusted against the GST charged on sales. The difference between the input and output tax determines the final tax liability or refund.
How do I check my sales figures in BUSY for a particular week or day?
In BUSY don’t have option to check or generate sales figures for particular week or day, if you want to generate or check sales figures for a particular week or day, you can generate a sales report by selecting the desired date range. This report will provide you with the sales figures for the specified week or day. To generate sales report or sales register you can follow these steps:
Step 1: Go to Display Menu.
Step 2: Click on GST Reports option.
Step 3: Click on GST Registers.
Step 4: Click on Sales Register option.
Step 5: Choose option Local, Central or Combined.
Step 6: Click on Combined and select Bill-Wise.
Step 7: Click Both B2B and B2C option.
Step 8: Select required option voucher series, account master range, sale consider return.
Step 9: Select Date range as you required or if you want to generate sales data for the week or day.
Step 10: Click ON OK.
I made a sales return entry but it is not getting reflected in the GST return. What is the right way to account for sales returns in GST?
If your sales retun entry is not getting reflected in the GST return then follow the steps
1:Enable Posting:In the administration menu, go to Configuration under Features and enable posting in accounts through sales return and purchase return. Save changes.
2:Adjust Sale Voucher:Open the sale return voucher in modify mode.
3:Tag original sale voucher details and adjust the bill reference with the original sale voucher.
4:Check sales return Register:Navigate to display, click on Account Books, and select sales return Register.
5:Choose all sale types and parties, fill in the period, and click Ok.
6:Verify User Rights:Ensure the user has sufficient rights to view purchase return data.
7:Approve Pending Vouchers:If there are pending vouchers for approval, approve them. The entry should reflect automatically.
8:Check Date Range:Confirm you are checking data in the correct date range.
Following these steps will help address issues with the accurate reflection of purchase return entries in BUSY.
The wrong amount is reflecting in my reports compared to the actual invoice amount. Why is the system showing the incorrect amount and how can I change it?
Issue: Incorrect amount in reports compared to the actual invoice amount.
Reasons:
1:Incorrect values entered in the invoice (Qty, rate, amount, and GST value).
2:Check sales type settings; if Skip in GST is set to Y, the entry won't reflect in the GST report.
3:Check item settings; if Skip in GST is set to Y, the entry won't reflect in the GST report.
4:Different GST tax rates in item master and voucher level.
Solutions:
1.Ensure all relevant details are entered correctly based on the original invoice.
2.Disable Skip in GST option in sales type settings or replace with a new sales type in affected vouchers.
3.Disable Skip in GST option in item master settings or replace with a new item in affected items.
4.If there's a difference in GST tax rates, update the correct GST percentage in the item master. Remove the product from the voucher, re-enter the value, and recalculate.
I want to generate customized reports in BUSY. Is there functionality to add or remove columns as needed?
Yes, BUSY has a default option to add or remove columns in a report through custom column feature. To know how to add column in report follow these steps:
Step 1: Open the desired report that you want to add a column to.
Step 2: Click on Custom Column in the report’s header part.
Step 3: Create a Format Name and click on Add New Col. Enter the details such as heading, position, data type, etc. for the new column.
Step 4: Select a category and click on Fields. Search for the field that you want to add and select it. Save your changes.
Step 5: Reopen the report with the format name that you created. You will see your new column with the appropriate data.
Note: The Custom Column feature is only available in the Standard and Enterprise editions of BUSY. If you are using the Basic edition, you can add columns by using the Columnar option available in configuration.
Does BUSY comply with regulations such as GST? How does it handle compliance?
BUSY provides time to time upates as per the changes made by govt in GST. Managing taxes like GST in BUSY is easy and convenient. Some of the features of BUSY for GST are:
1. GST Invoicing: You can create GST invoices with all the necessary details, such as GSTIN, invoice number, date, tax rate, etc.
2. GST Summary:The software automatically calculates your tax liability and input tax credit based on your transactions.
3. GST Reconciliation: You can reconcile your GSTR-2A/2B data with your purchase data and identify any mismatches or errors. You ca also reconcile your self filed data of GSTR1 & GSTR3B.
4. GST Reports: You can access various GST reports using BUSY, such as GSTR-1, GSTR-2, GSTR-3B, GSTR-4, GSTR-9, etc. You can also view and analyze your GST data in different ways, such as by party, item, tax rate wise, etc.
5. GST Returns: You can generate and file your GST returns online using BUSY such as GSTR-1, GSTR-3B, GSTR-4 & GSTR-ITC-04.
My downloaded reports are not showing latest data. What should I check to ensure reports have updated information?
To ensure that your downloaded reports have the latest data, you can check the following:
1. Date Range: Make sure that you have selected the correct date range for the report. If the date range is incorrect, the report may not include the latest data.
2. Data Sync: Verify that the data in the accounting software is properly synced with the backend system. If there is a delay in syncing, the reports may not reflect the latest information.
3. Refresh Reports: Try refreshing or regenerating the reports to ensure that they are up to date. This can be done by clicking on the refresh or regenerate button within the software.
4. Clear Cache: Clear the cache or temporary files in your browser or software. Sometimes, cached data can cause reports to display outdated information.
If the issue persists, it is recommended to reach out to the customer support team of BUSY for further assistance.
I made some cross-adjustment entries for IGST input and output but my input credit is getting credited instead of debited. What is going wrong?
Here are simple steps to understand and correct the issue in BUSY:
Step 1:In BUSY, there is an auto post voucher system for cross-adjustment entries
Step 2: Due to the automated nature of cross-adjustment entries in BUSY, there may be minimal chances for you to make entry mistakes.
Step 3: Cross-adjustment entries should typically balance the input and output.
Step 4: Open the GST Summary section Step 5: While in the GST Summary, press the F4 key on your keyboard. Step 6: Select Adjustment or Payment Option Step 7: A message box will appear, allowing you to select the type of voucher you want to post. Step 8 : The available options typically include Cross Adjustment. Step 9: Select this option when you need to make adjustments to your GST data. Step 10: After selecting the voucher type, you'll be prompted to enter the necessary details. Step 11: Once you've entered the required information, save and post the voucher.
