Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
The vendor issued me a regular tax invoice instead of an RCM invoice. How do I record this in BUSY?
If the vendor issued a regular tax invoice instead of an RCM invoice, you can record it in BUSY by treating it as a regular purchase invoice. You can enter the invoice details and record the GST paid on purchases as input tax credit.
What is the penalty for late filing of GST returns in BUSY?.
The penalty for late filing of GST returns in BUSY may vary depending on the specific return and the duration of the delay. It is recommended to refer to the official guidelines or consult with a tax professional for accurate information on the penalties.
What reports are available for reverse charge transactions in BUSY?.
In BUSY to check the reports of available reverse charge transaction there is a option of check post
consolidated RCM under gst misc utilities option in this report you can check the RCM liability to be post and RCM liability
posted reports
How to check pending RCM liability in BUSY?.
To check the pensing RCM liability go to transaction menu and click on GST misc
utilities then select monthly or daily basis after that select the month or date then
you can check the RCM liability and RCM liability posted reports
How do I transfer an entry using F in BUSY?.
To transfer a entry in BUSY you need to follow the steps
Step1 open the voucher in modify mode
Step2 Press F6 to transfer the voucher
Step3 select the voucher to which you want to transfer
Step4 Save
I am getting an error message when trying to adjust tax liabilities. What could be the possible reasons for this error and how can I resolve it?
For resolving error while adjusting tax liabilities, please check following points:
1) RCM nature should be compulsory in the account master.
2) Tax category should be defined in the Expense master.
3) Tax liability amount should be equal to liability reference amount.
How is GST shown in the portal for reverse charge mechanism (RCM) transactions?.
In the GST portal for RCM transactions it will show under
section 13 Documents issued only the Consolidated RCM
amount and GSTR 2B report if the supplier is Registered
then the RCM entries will show under B2B invoice list
What should I do if the RCM purchase voucher is made for a local party, but the GST is showing as IGST instead of CGST+SGST in BUSY?.
If the RCM Purchase voucher is made for a local party, but the GST is showing as IGST
instead of CGST+SGST in BUSY then open party master in modify mode and change its
state name as your state name
The GST report is not capturing the item-wise breakup of RCM supplies correctly. What should I do?
In BUSY, we can't display the detailed breakdown of Reverse Charge Mechanism (RCM) entries for each item because the software only allows you to post consolidated RCM vouchers. This means RCM details are combined and not shown separately for each item.
What is the process to set up RCM liability in BUSY?.
To set up RCM liability in BUSY, you need to enter the RCM expense as a voucher type. Choose the RCM expense option and enter the details of the transit and transport. Make sure to select the appropriate RCM expense type.