Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
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.
How can I get the export feature for GST reports to work in older Excel versions?
You can export your GST Reports in lower verion of excel but in case if show error about 97 version error during the Export from BUSY then you can repair your excel from control panel in your system and then restart your system and then exprot GST Reports.If issue persist then need to make sure that Excel and BUSY has installed in same drive.If still issue persist then you can reinstall your excel with heigher Version,
To export GST report in Excel you can follow some steps:
Step 1: Go to the Display and then click on GST Report option.
Step 2: Now select your Required report and select the option for which you want to generate report as per your requirement.
Step 3: Now click on Export option amd select Microsoft excel option in Data format field .
Step 4: Now give the parth for export file from BUSY in your system and click on OK option .
Why am I unable to adjust my input tax credit against my GST liability in the system?
There could be several reasons why you are unable to adjust your input tax credit against your GST liability in the system. Some possible reasons could include:
1. Incorrect entry: Double-check if you have entered the correct details while adjusting the input tax credit. Make sure the amounts and tax types are accurate.
2. Insufficient credit balance: Ensure that you have enough input tax credit available to adjust against your GST liability. If the credit balance is insufficient, you won't be able to make the adjustment.
3. Mismatched tax periods: Verify that the tax periods of the input tax credit and the GST liability match. You can only adjust the credit against the liability within the same tax period.
4.Click on display menu and select GST report.
a. Select GST summary and enter date range.
b. use the F4 option to auto adjust input and output liabilities.
c. Save each entry by F2 .
