Yes, in terms of section 56, interest would be paid at a rate not exceeding 6%, if the refund is not sanctioned with 60 days from the receipt of refund application. It is pertinent to note that the Government vide Notification No. 13/2017 – Central Tax dated June 28,2017 has prescribed the rate of interest @ 6%.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUNDS: FAQ NO. 29)