Implementing RCM in BUSY

Overview

GST Regime Un-Registered dealer Purchase RCM

tax goods purchase GST

tax Input Tax

Credit claim Un-Registered purchases GST

cover RCM Registered Dealer

purchase RCM Tax Input Tax Credit

claim

Un-Registered Purchases cases tax

cases RCM tax

Un-Registered dealer `

RCM tax

lawyer law firm services RCM

tax

services RCM tax

Cases discuss

`

` Un-Registered dealer

RCM tax July office stationery,

groceries ` Un-Registered dealer July RCM

tax

July ` office stationery Un-Registered dealer

tax expenses `

Return file RCM Input Tax Credit claim

Food & Beverages RCM tax Input Tax Credit claim

expenses RCM tax Input Tax

Credit claim

lawyer law firm Services

lawyer law firm Services RCM tax

case tax limit apply

services tax Registered lawyer

law firm services legal services

RCM tax Return File

Input Tax Credit claim

3. Import of Services

services RCM

tax Input Tax Credit claim

USA Company Server Hosting Space RCM tax

RCM various cases RCM tax discuss

RCM BUSY implement

Implementation of RCM in BUSY

BUSY RCM implement steps

Step 1: RCM enable Account Master Expense Account Input type

Step 2: Payment voucher enter GST Nature Un-Reg(RCM)Purchase select

Step3: RCM payable report view RCM payable voucher post

steps

Step 1: RCM enable Account Master Expense Account Input type

Account Master Expense RCM, Input type Tax Category

Expense Account RCM Tag options data specify

RCM list options

Based on Daily Limit- option select RCM tax

Daily limit depend ` RCM

tax

Compulsory- option select RCM tax

option select RCM tax

Account /Expense payment legal services

RCM tax

Service Import- option select Expense Account foreign company

services Server Hosting Space from USA

Expense Account expense payment RCM

tax

Not Applicable - option select Expense Account

RCM applicable

Input Type- list option

Input Goods- option select Input Tax claim Input

Goods against expense against goods receive

Input Services- option select Input Tax claim Input

Services against expense against services receive

Capital Goods- option select Input Tax claim Capital

Goods against expense against capital goods

None- option select Input Tax Credit claim

RCM food & beverages tax Input Tax Claim

Tax Category- GST rate specify

Step 2: Payment Voucher enter GST Nature Un-Reg(RCM)Purchase select

Next goods/services purchase against Payment Voucher enter

Payment Voucher Voucher Series and Date GST Nature GST Nature

specify list options

Not Applicable- option select payment Registered

Dealer RCM applicable

Un-Reg(RCM)Purchase- option select purchase Un-

Registered dealer legal services payment

foreign company services against payment

Refund Against Advance Receipt- option select refund dh entry

advance received against.

GST Payment to Govermennt- option select GST Payment

Note: Voucher enter RCM tax

liable Un-Reg(RCM)Purchase Option select

GST Nature select Expense Account debit Cash /Bank Account

mode payment credit voucher save

Purchase Voucher enter Un-Registered dealer purchase

legal services against payment

Purchase Voucher Purchase Type - L/GST-Unreg (RCM) select ITC

eligibility Reverse Charge specify

Payment/Purchase Voucher Journal Voucher enter

Step3: RCM payable Report view RCM Payable Voucher post

Transaction > GST Misc. Utility menu select GST Misc. Utility menu Check/Post

Consolidated RCM Payable option select

option select Consolidated RCM Payable Window appear Date specify

RCM Payable Report view Date Consolidated RCM

Payable Window appear

Window cases data appear

Particular Date specify Payment Voucher exist

GST Nature - UnReg (RCM) Purchase account debit RCM- Compulsory

Import of Services Tag

Particular Date specify Payment Voucher exist GST

Nature – UnReg (RCM) Purchase Account Debit RCM – Based on Daily

Limit Tag Vouchers total amount `

window F key press RCM Payable Journal Voucher Post F key

press Generate “Consolidated RCM Payable” Voucher Window appear

IGST/CGST/SGST Input available (RCM) accounts and IGST/CGST/SGST Payable (RCM) accounts specify

By default BUSY accounts created accounts use

Save Button click Voucher Post

Reverse Charge Liability window data show GSTR – report as Reverse

charge Liability reflect

BUSY RCM Implement process complete

‘Implementing RCM in BUSY’ Video You tube

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https://youtu.be/8i38Y25CES0