Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - rcm data feeding and report
I am encountering an error while filing the RCM returns in BUSY. What should I do?
There is no separate provision for filing Reverse Charge Mechanism (RCM) returns in the Goods and Services Tax (GST) system in India. Instead, RCM is reported in your regular GST returns.
Why are credit/debit notes matching between my data and portal but BB/BC have issues?.
credit/debit notes matching between your data and portal but B2B/B2C have issues because of it could be possible that after GST return filling you changed or modify vouchers in BUSY data
Where is the regular tax adjustment to RCM done in BUSY before RCM payment?.
The regular tax adjustment to RCM done before RCM payment by press f4 & selecting adjust RCM to regular tax adjustment in gst summery report within relevent date or months periods
How to find RCM payable balance for payment in BUSY?.
To find the RCM payable balance for payment in BUSY, you can generate the GST Summary report. This report will show you the RCM payable amount that needs to be paid.
What is the next step after posting RCM liability in BUSY?.
Next step after posting RCM liability in BUSY is
step 1: to check RCM entries in GST summery
step 2: then post RCM paymet to government through payment entry
After RCM entry not pricking relevant posting for RCM through F4
Due to on purchases screen not select proper Reverse charge Type - Tag any accept not applicable
Step 1: Go to purchases (modify )
Step 2: Change reverse charges
I am trying to create a Consolidated Voucher in BUSY but it is not getting generated. What should I do?
RCM consolidate voucher is not generating then check below points:
1) RCM nature tagged in the account master be compulsory.
2) Tax category should be defined in the Expense account.
Is it permissible to include the addional tax on tax in BUSY, or should taxes be entered separately?
As per the GST rules, you can charge additional taxes such as TDS, TCS, Cess, and Additional Cess for the BUSY transactions. based on eligibility and certain rules and regulations.
What is the process to square off the RCM input and output?.
The process to square off the RCM input and output involves transferring the RCM input amount to the input account and adjusting the RCM output amount with the payment made.
Is there a feature in BUSY to set reminders for RCM payment deadlines?.
NO, there is no specific feature in BUSY to set reminder for RCM payment deadlines, but you can used feature notes manager to set reminder for RCM payment deadlines