THE CENTRAL GOODS AND SERVICES TAX ACT,
2017
REFUNDS
Section 56:
Interest on delayed refunds.
(Relevant Rule 94) (Relevant
Updates)
If any tax ordered to be refunded under sub-section (5) of
section 54
to any applicant is not refunded within sixty days from the date of receipt of
application under subsection (1) of that section, interest at such rate not
exceeding six per cent. as may be specified in the
notification
issued by the
Government
on the recommendations of the Council shall be payable in respect of
such refund 1[for
the period of delay beyond sixty days from the date of receipt of such
application till the date of refund of such tax, to be computed in such manner
and subject to such conditions and restrictions
as may be prescribed]
[helldod old[from the date immediately after the expiry of sixty days from the
date of receipt of application under the said sub-section till the date of
refund of such tax:]helldod]
Provided that where any claim of refund
arises from an order passed by an
adjudicating authority
or
Appellate Authority or
Appellate Tribunal
or court which has attained finality and the same is not
refunded within sixty days from the date of receipt of application filed
consequent to such order, interest at such rate not exceeding nine per cent.
as
may be notified by the Government on the recommendations of the Council shall
be payable in respect of such refund from the date immediately after the expiry
of sixty days from the date of receipt of application till the date of refund.
Explanation.––For the purposes of
this section, where any order of refund is made by an
Appellate Authority
,
Appellate Tribunal or any court against an order of the
proper officer
under
sub-section (5) of section 54, the order passed by the
Appellate Authority,
Appellate Tribunal or by the court shall be deemed to be an order passed under
the said sub-section (5).