Interest on Delay Refund [section 56 or CGST Act & Rule 94/ 96C of CGST Rules]

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....ication under the sub-section (1) of section 54 of CGST Act till the date of refund of such tax (w.e.f. 01.10.2023) for the period of delay beyond sixty days from the date of receipt of such application till the date of refund of such tax, to be computed in such manner and subject to such conditions and restrictions as may be prescribed" has been substituted. [ Section 56 ] Case law  AC IMPEX VERSUS UNION OF INDIA AND ORS.(2023 (4) TMI 1182 - DELHI HIGH COURT) Issue :The main issue in the case was to determine the date from which statutory interest under Section 56 of the Central Goods and Services Tax Act, 2017 (CGST Act) would get triggered. Facts :The petitioner claimed that interest should be triggered from the date when ....

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....ion (5) of section 54, the order passed by the Appellate Authority, Appellate Tribunal or by the court shall be deemed to be an order passed under the said sub-section (5). Order sanctioning interest on delayed refund [ Rule 94 of CGST Rules ] * Where any interest is due and payable to the applicant under section 56, the proper officer shall make an order along with a payment order in FORM GST RFD-05. * Such order shall specifying therein * the amount of refund which is delayed, * the period of delay for which interest is payable and * the amount of interest payable. * Such amount of interest shall be electronically credited to any of the bank accounts of the applicant mentioned in his registration particula....