Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
How do I take a backup before modifying the payable account group?.
To take a backup before modifying the payable account group in BUSY
you can follow the steps
1 Open BUSY and go to backup data option
2 select the company and put user name and password
3 select the path where to take backup and select finanacial years
4 click on start button to start the process
I made a payment to a vendor who charged me GST under RCM. How do I record this transaction in BUSY?
According to Section 9(4) of the CGST Act
When an unregistered supplier provides taxable goods or services to a person who is registered under GST, the liability for paying the GST is shifted to the recipient (buyer) rather than the supplier.n this scenario, the registered buyer is liable to pay the GST directly to the government not to the vendor
I am not able to see the tax amount even though I have entered RCM. What could be wrong?
If you are not able to see the tax amount even though you have entered RCM, there could be a few possible reasons for this issue:
1. It is important to ensure that you have correctly entered the RCM transactions in the software.
2. Modify expense master and check tax rate and percentages are accurately specified in tax category.
Why is SGST showing up as liability instead of IGST in reverse charge mechanism (RCM)?.
In the reverse charge mechanism (RCM), the liability to pay tax shifts from the supplier of goods to the recipient of goods. The reason why SGST (State Goods and Services Tax) is showing up as a liability instead of IGST (Integrated Goods and Services Tax) in RCM could be because the transaction falls under the intra-state category, where SGST is applicable.
I want to remove a GST RCM consolidated voucher from my GSTR output report in BUSY. How can I do this?
To remove a GST RCM consolidated voucher from your GSTR output report in BUSY you have
to Adjust GST output RCM with regular GST input for that you can go to gst summary for the particular
period press F4 and select RCM to regular tax adjustment and pass the journal entry under gst nature of
GST tax adjustment
How do I view the pending RCM tax liability for freight charges in BUSY?.
For view pending RCM liability for freight charges please follow the below steps
step 1: Go to the GST summaries in display menu
step 2: open GST summary report
step 3: mentioned start , end date & other relevant options then open report
step 4: there you can see RCM input adjusted under tax calculation section
How to ensure correct GST and CB data when processing RCM in BUSY?.
To ensure correct GST when processing RCM in BUSY you shoud check the tax rate provided in RCM expense
is correct and the party ledger state to effect the gst nature CGST or IGST and for purchase voucher You need
to check the purchase type Region for GST nature effect and Item tax category for proper tax calculation.
want is right way to post RCM expense for mutiple months?
"For posting RCM entry, please follow below mentioned steps:
Step 1: Go to transaction menu.
Step 2: Click on GST Misc. Utility.
Step 3: Check/Post Consolidated RCM Payable.
Step 4: Select the voucher posting monthly basis for posting consolidated voucher.
Step 5: Press F4 key for auto posting of consolidated voucher.
Step 6: Click on save tab for vouchr entry.
How do we record regular daily transactions in BUSY?.
To record regular daily transactions in BUSY, you can use the voucher entry feature. Go to the Voucher Entry menu and select the appropriate voucher type for the transaction, such as sales, purchases, receipts, or payments. Fill in the necessary details like the date, party name, amount, and other relevant information. Save the voucher to record the transaction in BUSY.
How to pass reverse charge journal entry in BUSY?.
To pass a reverse charge journal entry in BUSY, you can go to the Journal Voucher screen and select the appropriate ledger accounts for the transaction. Make sure to select the GST nature as "RCM Expenses" and enter the relevant details such as the amount and tax rate. Save the entry to complete the reverse charge journal entry in BUSY.