With one bank a due date was there, but there were not of Incoming refunds so I asked the bank in written communication that since there are a lot of Incoming refunds, I believe the pending due is nullified with refunds.
The email was sent way before the due date, but they delayed in response and later confirm over the phone and email that since incoming refunds exceed the total due, I have nothing to pay in that month, but today they generated a statement and penalized the amount with late payment | finance charges + IGST/SGST/GST and they are saying that late payment charges can be refunded, but IGST/CGST/GST can't be refunded as they are paid to the government. How come is this possible?
Is there no provision when certain penalization and said GST was charged by the banks fault which they are now accepting, in such situations such GST should also be refunded?
CAclubindia
