Frequently Asked Questions

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.

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.

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

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

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.

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

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

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

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.

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.