Section 56 - Interest on delayed refunds.

Interest on delayed GST refunds accrues after the statutory period until payment; higher rate applies when refund follows final orders.

Interest on delayed refunds is payable from the day after the prescribed statutory period until payment; a lower notified ceiling applies generally, and a higher notified ceiling applies where the refund claim follows a final adjudicatory, appellate or judicial order. Appellate, tribunal or court orders granting refund against a proper officer's order are deemed to be orders under the refund provision for calculating interest.