Assessee is entitled to interest from the date immediately after the expiry of sixty days from the date of receipt of the GST refund application

Assessee is entitled to interest from the date immediately after the expiry of sixty days from the date of receipt of the GST refund application https://www.taxtmi.com/article/detailed?id=12468 Payment of statutory interest under Section 56 is automatically payable when a GST refund is not credited within sixty days of receipt of the refund application; interest accrues from the day after the sixty-day period until the refund is credited. Electronic processing of refund applications and system acknowledgments do not negate the entitlement. Administrative clarification confirms interest commencement and calculation, and precedents distinguish scenarios where alternative interest rates apply, but do not affect the mandatory nature of interest for delayed refunds. en-us Thu, 28 Mar 2024 09:13:46 +0530 Thu, 28 Mar 2024 09:13:46 +0530 TaxTMI RSS Generator Assessee is entitled to interest from the date immediately after the expiry of sixty days from the date of receipt of the GST refund application https://www.taxtmi.com/article/detailed?id=12468 Payment of statutory interest under Section 56 is automatically payable when a GST refund is not credited within sixty days of receipt of the refund application; interest accrues from the day after the sixty-day period until the refund is credited. Electronic processing of refund applications and system acknowledgments do not negate the entitlement. Administrative clarification confirms interest commencement and calculation, and precedents distinguish scenarios where alternative interest rates apply, but do not affect the mandatory nature of interest for delayed refunds. Articles Goods and Services Tax - GST Thu, 28 Mar 2024 09:13:46 +0530 https://www.taxtmi.com/article/detailed?id=12468