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Every Political Party, whether big or small, need funds to run its’ election campaigns, advertise heavily and buy votes to win the elections. With elections around the corner in various Legislative Assemblies and the upcoming elections of Lok Sabha in 2019, the political funding flight is on the runway to take-off.
With the end of the 1st (First) Financial Year of Goods & Service Tax Act being implemented in India, we would certainly be trying to avoid errors on the GST Compliance Part. Errors like Non-payment / Short Payment of Output liability, Excess claim of Input Tax Credit (ITC) / Non-reversal of Input Claim, failure (willingly/unwillingly)
One of the practical issues among them is How to fill GSTR 3-B Form if the Sales return (Credit Notes issued) for any month is more than the actual Outward Supply for that month? Also what if, the ITC claimed for that month is less than the ITC to be reversed (on account of Purchase Returns i.e Debit Notes issued being more than actual Purchases (eligible for ITC) for that month?? These issues are most likely to occur in the month of March (i.e. year end) or April (i.e. year beginning).
