One of the state government department to whom TCS is applicable under GST has done a typographical error while remitting payment. They deducted TCS of their approved vendor @ 2% i.e. CGST and SGST 1% each. They have to pay Rs.2,80,000/- to vendor and Rs.5600 towards TCS Under GST, They created GST challan of Rs.5600/-. But when released payment IFSC code and account number have been interchanged by the computer operator. The payment has been done via treasury office who approves and make payment on behalf them. Now, the vendor received payment of Rs.5600/- instead of Rs.2,80,000/- and now the details of Rs.2,80,000/- with wrong IFSC and account number are awaited. Now question arise is that whether the payment of Rs.2,80,000/- will be done or not? and if Done how to get refund of the same? Is it possible that if CPIN value is Rs.5600/- differ with actual payment Rs2,80,000/-, the system accepts it or rejects it?
Please advise.
CAclubindia
