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of <h1>Amendment to Section 56 of CGST Act: New Rules for Calculating Interest on Delayed Tax Refunds Beyond 60 Days</h1> Clause 137 of the Finance Bill, 2023, proposes an amendment to section 56 of the Central Goods and Services Tax Act. The amendment changes the wording concerning the calculation of interest on delayed tax refunds. It specifies that the period of delay beyond sixty days from the receipt of the refund application until the refund is issued will be computed according to prescribed rules, conditions, and restrictions. This aims to standardize the process for determining interest on delayed refunds.
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