https://www.taxtmi.com/caselaws?id=751583 Statutory interest on a VAT refund runs from the date prescribed in section 38, namely the day after the close of the accounting year to which the refund relates, and not from the later date on which input tax credit was reversed. A transfer to the electronic credit ledger is treated as a memorandum entry and does not change the commencement of interest. Once the refund amount is fixed by appellate order, the assessing authority cannot unilaterally revise the refund payment order or reduce interest without using the revisional mechanism provided by the Act. The balance interest was therefore payable. en-us Thu, 04 Apr 2024 00:00:00 +0530 Fri, 19 Apr 2024 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751583 Statutory interest on a VAT refund runs from the date prescribed in section 38, namely the day after the close of the accounting year to which the refund relates, and not from the later date on which input tax credit was reversed. A transfer to the electronic credit ledger is treated as a memorandum entry and does not change the commencement of interest. Once the refund amount is fixed by appellate order, the assessing authority cannot unilaterally revise the refund payment order or reduce interest without using the revisional mechanism provided by the Act. The balance interest was therefore payable. Case-Laws VAT and Sales Tax Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751583