ॐ असतो मा सद्गमय
Yes, interest (at a rate not exceeding 9%) would be computed and paid for the period starting from expiry of 60 days from the date of application consequent to the order till the date of actual refund of tax. 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 @ 9%.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED REFUNDS: FAQ NO. 31)
Interest would be computed and paid for the period after expiry of 60 days from the receipt of refund application till the date of actual refund of tax.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED FUNDS: FAQ NO. 30)
Interest would be computed and paid for the period after expiry of 60 days from the receipt of refund application till the date of actual refund of tax.
(ICAI FAQ PUBLICATIONS 06-09-2017 INTEREST ON DELAYED FUNDS: FAQ NO. 30)
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)