Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - gst reports
Why isn't input tax credit adjusting automatically against GST liability in BUSY?
to troubleshoot to identify and resolve the issue. Here are some steps to consider:
Step 1: Match ITC with GSTR-2A/2B
Step 2: Check Input Tax Credit Eligibility from GS T summary report
Step 3: Ensure that the GST tax are correctly applied to both the purchase and sale transactions
Step 4: Confirm that you are adjusting the ITC correctly when preparing your GSTR-3B return.
Step 5: Input tax credit can be set off against your GST liability at the time of filing the return.
How do I ensure ITC for all transactions in my GST returns?
To ensure about the ITC for all transactions ,then you have to tag ITC Eligibility in the voucher.
To enable ITC tagging feature in BUSY, you can follow below steps:
Step 1: Go to administration then click on configuration.
Step2. Select Feature/Options and then click on GST/VAT.
Step3. Enable ITC tagging feature.
Step4. Go to the Transaction tab and click on gst misc utilities.
Step 5. Click on Monthly ITC tagging as per GSTR 2A or 2B then specify month and open the report.
Step 6. Click F4 for tag status for ITC.
The GST expenses are not posting to the correct period. What should I check to ensure expenses are recorded in the right period?
Here are some common issues and solutions:
Step 1: Ensure that the transaction date for the GST liability is entered correctly.
Step 2; verify the Accounting Period Mismatch
Step 3: Check for any issues or bugs in BUSY
Step 4: Review the entries made manually to ensure there are no errors in data entry
STep 5: Ensure that the GST liability transactions are being posted correctly.
Step 6: Regularly reconcile your GST liability account with supporting documentation to identify and rectify any issues .
How can I accurately capture data from purchase and sales registers for GSTR filing in BUSY?
To accurately capture data from purchase and sales registers for GSTR filing in BUSY, you need to ensure that all relevant transactions are recorded in the software.
Step 1 : This includes entering sales invoices, purchase invoices, debit/credit notes, and any other relevant documents.
Step 2 : Make sure to enter the correct details such as invoice numbers, dates, GSTIN numbers, and tax amounts.
Step 3: Regularly reconcile the data in the registers with the GSTR reports generated by BUSY to identify and resolve any discrepancies.
I am unable to generate GSTR-/A/B properly in BUSY. What should I check to fix this?
Generate and save GSTR eReturns from BUSY. To do this you need to follow these steps:
Step 1: Open the Display menu and select GST Reports.
Step 2: Choose GST Return and then the return type you want to generate, such as GSTR-1 eReturn, GSTR-3B eReturn, etc.
Step 3: Choose the report format you want to generate, such as JSON, CSV File, As per Govt. Template, or Plain Excel.
Step 4: Now enter the period and can generate the selected return as per the selected format.
The GST calculations are incorrect in the bills generated by BUSY. What could be wrong?
Reasons are mentioned below if the GST calculations are incorrect in the bills generated by BUSY.
Step 1: Tax Rates for different goods and services are not correctly specified in the invoice.
Step 2: Due to not updating the software and voucher gst summary the calculation sometimes gets mismatch in report.
Step 3: If the invoice details such as item quantities, prices, and tax amounts, are not accurately mentioned.
Step 4: It could be due to the sale purchase type used in the voucher so choose correct sale purhcase types.
How can I select a custom date range for the GST sales register in BUSY?
A custom date range for the GST sales register in BUSYby following these general steps:
Step 1: Once you are logged into the software, look for the Display menu.
Step 2: Within the Display menu, you should find a submenu or option related to GST Reports.
Step 3: Click on it to proceed.
Step 4: In the GST Reports section,Look for the option labeled GST Registers
Step 5: Select GST Sales register
Step 6:Specify the date range of yearly and open the report .
How can I update the changes in my ITC tagging to reflect in GSTR-?
To update the changes in your ITC tagging and reflect them in GSTR-1, you can follow these steps in BUSY:
Step 1. Open the software and go to the ITC tagging section.
Step 2. Select the relevant invoices or bills that you want to update.
Step 3. Use options like change status for all pending or claim for next month to update the tagging.
Step 4. Save the changes.
Step 5. Generate the GSTR-1 report again to see the updated ITC tagging reflecting in the report.
I received a GST refund from the government that I need to account for. How do I enter this refund amount in BUSY to reduce my input tax credit balance?
If you received a GST refund from the government that you need to account for reduce
your input tax credit balance you need to follow the steps
Step1 Go to transaction menu and click on journal then add
Step2 fill voucher series name date and voucher number then select GST nature as
GST tax adjustment
Step3 here Debit the Input tax GST like IGST Input and Credit the IGST Input available
account to adjust the input available with regular tax
I want to configure decimal places in my software but it does not seem to be applying correctly. The tax amounts are rounding incorrectly. What should I do?
If you want to configure decimal places in your software but it does not seem to be applying correctly, If the tax amounts are rounding incorrectly, then you need to check the below steps:
It's applicable in the case of item-wise tax only.
Step 1: Go to Administration, then select Configuration.
Step 2: then select Features and Options, then select the GST or VAT option.
Step 3: In the GST/VAT report, you see the option to put the tax rate in decimal places as you require.