https://www.taxtmi.com/caselaws?id=752875 Under the Punjab VAT regime, interest on delayed refund of excess input tax credit accrues when the refund is not issued within sixty days of the first refund application. Rule 52(10) required the refund voucher or adjustment order within that period, and section 40 made simple interest payable from the day after expiry of sixty days until refund. Later assessment proceedings and subsequent refund applications did not displace the entitlement arising from the original application for the credit already claimed. en-us Tue, 23 Apr 2024 00:00:00 +0530 Tue, 21 May 2024 08:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752875 Under the Punjab VAT regime, interest on delayed refund of excess input tax credit accrues when the refund is not issued within sixty days of the first refund application. Rule 52(10) required the refund voucher or adjustment order within that period, and section 40 made simple interest payable from the day after expiry of sixty days until refund. Later assessment proceedings and subsequent refund applications did not displace the entitlement arising from the original application for the credit already claimed. Case-Laws VAT and Sales Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752875