https://www.taxtmi.com/caselaws?id=380722 Section 55 of the Jammu & Kashmir VAT Act, 2005 fixes the date of sale as the reference point for refund of tax on zero-rated sales and requires refund within 120 days, with simple interest at 18% per annum for delay and 24% per annum where the delay exceeds three months. On that statutory structure, delayed refund interest must be computed from the date of sale, not from a later administrative approval date, and the applicable statutory rate must be applied accordingly. The refund and interest therefore have to be reworked by reference to the dates and rates mandated by the provision. en-us Wed, 17 Oct 2018 00:00:00 +0530 Tue, 28 May 2019 07:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380722 Section 55 of the Jammu & Kashmir VAT Act, 2005 fixes the date of sale as the reference point for refund of tax on zero-rated sales and requires refund within 120 days, with simple interest at 18% per annum for delay and 24% per annum where the delay exceeds three months. On that statutory structure, delayed refund interest must be computed from the date of sale, not from a later administrative approval date, and the applicable statutory rate must be applied accordingly. The refund and interest therefore have to be reworked by reference to the dates and rates mandated by the provision. Case-Laws VAT and Sales Tax Wed, 17 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380722