Interest on delayed GST refunds payable after statutory time limit; higher rate applies for refunds following final adjudicatory orders. Interest accrues where tax ordered to be refunded under subsection (5) of section 54 is not refunded within sixty days of receipt of the application; the Government may, on the Council's recommendation, notify a maximum rate payable from the day after the sixty day period until refund. A higher maximum rate may be notified for refunds arising from final adjudicatory, appellate or court orders, and an order of an Appellate Authority, Appellate Tribunal or court setting aside a proper officer's order under subsection (5) is deemed to be an order under that subsection for interest purposes.
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 GST refunds payable after statutory time limit; higher rate applies for refunds following final adjudicatory orders.
Interest accrues where tax ordered to be refunded under subsection (5) of section 54 is not refunded within sixty days of receipt of the application; the Government may, on the Council's recommendation, notify a maximum rate payable from the day after the sixty day period until refund. A higher maximum rate may be notified for refunds arising from final adjudicatory, appellate or court orders, and an order of an Appellate Authority, Appellate Tribunal or court setting aside a proper officer's order under subsection (5) is deemed to be an order under that subsection for interest purposes.
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