Interest on delayed refunds ensures taxpayers receive compensation for late GST refunds, with higher rates for finalized adjudications. Interest on delayed refunds is payable where tax ordered to be refunded under sub-section (5) of section 54 is not paid within sixty days from receipt of the refund application; interest runs from the day after the sixty-day period until refund at a rate notified by the Government on the Council's recommendation not exceeding six per cent. A higher notified rate, not exceeding nine per cent, applies where the refund claim arises from a final adjudicatory, appellate or judicial order, and such appellate or judicial orders are deemed orders under sub-section (5) of section 54 for this purpose.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest on delayed refunds ensures taxpayers receive compensation for late GST refunds, with higher rates for finalized adjudications.
Interest on delayed refunds is payable where tax ordered to be refunded under sub-section (5) of section 54 is not paid within sixty days from receipt of the refund application; interest runs from the day after the sixty-day period until refund at a rate notified by the Government on the Council's recommendation not exceeding six per cent. A higher notified rate, not exceeding nine per cent, applies where the refund claim arises from a final adjudicatory, appellate or judicial order, and such appellate or judicial orders are deemed orders under sub-section (5) of section 54 for this purpose.
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