Erroneously Refund Claimed of Blocked Credits of U/S 17(5)
This query is : Resolved
Deepak Kumar
(Querist)
06 October 2019
Dear Expert
Please help in below query:-
Suppose if company is only making zero rated supply and their all ITC (inclusive blocked credits of sec 17(5) ).
Company did not exclude the blocked credit while claiming refund from GST department and company has already received the refund of 2 years.
As i think it is case of erroneous refund by GST department.
Please let me know that what amount of penalty or interest will levied on this if company accepts its own mistake and paid back the same to government.
or
if GST department searchs the same by itself then what amount of interest and penalties will arise.
Thank you
Deepak
Please help in below query:-
Suppose if company is only making zero rated supply and their all ITC (inclusive blocked credits of sec 17(5) ).
Company did not exclude the blocked credit while claiming refund from GST department and company has already received the refund of 2 years.
As i think it is case of erroneous refund by GST department.
Please let me know that what amount of penalty or interest will levied on this if company accepts its own mistake and paid back the same to government.
or
if GST department searchs the same by itself then what amount of interest and penalties will arise.
Thank you
Deepak
CA R SEETHARAMAN
(Expert)
07 October 2019
Reverse the credit in GSTR 3b and pay the amount with interest so that you can avoid penalty.
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