Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
The RCM charges are not appearing correctly in my books. What steps should I take to resolve this issue?
RCM charges are not showing correctly, then check below points.
Step 1: Go to account master and check the tax category tagged in the item master.
Step 2: Kindly check the RCM applicability should be selected as compulsory.
Step 3: Make sure that reference is created against RCM consolidated voucher.
Why is the % RCM rate not getting picked up automatically?.
The RCM 5% rate not getting picked up automatically due to not mentioned the tax
category properly in item master or in the expense ledger to get it correct modify the
item master tax category mentioned in purchase voucher or the expense ledger tax
category mentioned in payment voucher
How to add RCM process as favourite in BUSY?.
for add RCM process as favourit in BUSY please follow below steps
step1: go to the gst misc. utilities option in transaction menu
step 2: then select check post /consolidate RCM payable option
step 3: then click on add to favourites option below the screen of transaction & save
Should RCM entries be zero in GST returns? How does this affect the claim?
No, RCM entries should not be zero in GST returns. RCM entries represent the reverse charge mechanism expenses that need to be reported. The claim for RCM can be made by the taxpayer, but it may not be received as a refund. It may get converted from SGST to IGST.
Why am I unable to see the RCM expenses in my P&L statements?
If RCM expense is not showng in the P&L statement, then please ensure below points.
Step 1: Go to administration tab.
Step 2: Click on Master.
Step 3: Click on Modify account master.
Step 4: Kindly ensure that account group should be Indirect Expense and amount should not be zero
I modified the default accounts taken by BUSY for GST RCM consolidated entry. Now wrong accounts are reflecting in my GSTR output What should I do?
If you modified the default accounts taken by BUSY for gst rcm consolidated entry and cause of that wrong
accounts are reflecting in your gstr1 output then you should delete the old RCM consolidate vaoucher and
generate new RCM consolidate entry from Check post consolidate RCM option
How do I close the past RCM entry so the current year RCM entry can be entered properly?.
To close the past RCM entry in BUSY you have to go to previous year GST summary
report and adjust pending rcm adjustment entry by pressinh F4 and click on RCM
to regular tax adjustment then carry forward the data and enter current year RCM
entries properly.
How to identify if an expense falls under RCM category in BUSY? Is there any indicator?
For indentifying Expense under RCM in BUSY, you need to check in account master. Please find below mentioned steps:
Step 1: Click on Configuration tab.
Step 2: Click on Master.
Step 3: Click on Account Master.
Step 4: Click on Modify Master.
Step 5: Select RCM nature as compulsory.
I am confused about how to do consolidated RCM in BUSY. Can you explain?
To consolidated RCM in BUSY you need to follow the steps
1 go to transaction menu and click on gst misc utilities
2 click on check post consolidated rcm
3 select monthly basis option and select the month then press F4 to calculate RCM tax liability
I want to check the GST reports in BUSY. Where can I find them?
for the check GST reports in buys please follow the below steps
step 1:Navigate to the GST Repor option within the display menu.
step 2:Within the GST reports section, you'll find multiple of reports related to GST. These reports typically cover various aspects of Goods and Services Tax.