Finance Act 2023 amends CGST Act Section 56, alters interest calculation period for tax refunds.
Section 56 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2023. The amendment changes the language regarding the calculation of the interest period for tax refunds. Previously, interest was calculated from the date immediately after sixty days from the receipt of the refund application until the refund date. The new provision specifies that interest will be calculated for the delay period beyond sixty days from the application receipt date until the refund date, subject to prescribed conditions and restrictions.
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