Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I have already entered the Consolidated RCM table but it is still showing the liability. Why is that happening?
Incase consolidated RCM is entered but still showingin liability,then please refer to below mentioned points:
Step 1: Make sure that reference is created against RCM consolidated voucher.
Step 2: Ensure that ledger amount should match with reference amount.
How to make adjustments for reverse charge paid through GSTN?How can I claim input tax credit for my RCM payments in BUSY?
"For claiming RCM payment, please follow below mentioned steps:
Step 1: Go to GST summary and press F4 key to make RCM payment.
Step 2: Press F4 key to adjust the RCM input to regular tax input."
What vouchers or entries do I need to pass to account for my RCM payments and input credit accurately in BUSY?
For making RCM payment, please follow below mentioned steps:
Step 1: Go to GST summary and press F4 key to make RCM payment.
Step 2: Press F4 key to adjust the RCM input to regular tax input.
Why am I unable to see the IGST option while creating a Consolidated Voucher for RCM expenses in BUSY?
IGST option is not showing while consolidated voucher because tax application is based upon the state defined in the account master. Therefore, IGST will be applied when company creation state will be different from the account master.
How do I ensure the RCM payment entry data flows correctly to the GSTN system after filing the returns?
For making RCM payment, please follow below mentioned steps:
Step 1: Go to GST summary and press F4 key to make RCM payment.
Step 2: Press F4 key to adjust the RCM input to regular tax input.
Which section do I need to change for my voucher to not show in BB invoices?.
To change the section for your voucher to not show in B2B invoices, you need to select the appropriate section such as 4A, 4B, 4C, or 6C, depending on the type of voucher and tax rate entries.
The RCM entry is not reflecting properly when I generate consolidated reports. What should I do?
RCM entries is not showing properly while generating report, please check below points.
Step 1: Make sure that reference is created against RCM consolidated voucher.
Step 2: Ensure that ledger amount should match with reference amount. "
What does the "compulsory" reverse charge option mean in BUSY? When do I select it?
The "compulsory" reverse charge option in BUSY means that the reverse charge is mandatory and must be applied. It should be selected when the transaction falls under the criteria for mandatory reverse charge as per GST regulations.
How do I pay and account for my RCM liability in the software?
For making RCM payment, please follow below mentioned steps:
Step 1: Go to GST summary and press F4 key to make RCM payment.
Step 2: Press F4 key to adjust the RCM input to regular tax input.
Is the opposite party liable to pay tax in RCM?
Under the Reverse Charge Mechanism (RCM), the liability to pay tax shifts from the supplier to the recipient. This means that the recipient of the goods or services is responsible for the payment of the applicable GST.