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.
CAclubindia
