Section 56 of CGST Act, 2017 Interest on delayed refunds
Click here to know GST rate of your goods or service
The below post explains about Interest on delayed refunds under section 56 of CGST Act,2017.
Section 56 of CGST Act, 2017 explains Interest on delayed refunds as below: (The amendments if any will also be updated here soon).
The extract of Section 56 of CGST Act,2017 quoted below:
56 Interest on delayed refunds
56. If any tax ordered to be refunded under sub-section (5) of section 54 to any
applicant is not refunded within sixty days from the date of receipt of application under subsection
(1) of that section, interest at such rate not exceeding six per cent. as may be specified
in the notification issued by the Government on the recommendations of the Council shall be
payable in respect of such refund from the date immediately after the expiry of sixty days
from the date of receipt of application under the said sub-section till the date of refund of
such tax:
Provided that where any claim of refund arises from an order passed by an adjudicating
authority or Appellate Authority or Appellate Tribunal or court which has attained finality
and the same is not refunded within sixty days from the date of receipt of application filed
consequent to such order, interest at such rate not exceeding nine per cent. as may be
notified by the Government on the recommendations of the Council shall be payable in
respect of such refund from the date immediately after the expiry of sixty days from the date
of receipt of application till the date of refund.
Explanation.––For the purposes of this section, where any order of refund is made by
an Appellate Authority, Appellate Tribunal or any court against an order of the proper
officer under sub-section (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).
The above information clarifies about Interest on delayed refunds under section 56 of CGST Act,2017.
If you have any comments about Section 56 of CGST Act, 2017 explaining Interest on delayed refunds, share below your thoughts:
Click here to know GST rate of your goods or service
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
Indian GST Laws
How to export your goods?
How to get Export Order?
GST Registration Guidelines
Learn Imports and Exports business free of cost
Find HSN code of your product.
Provisional attachment to protect revenue in certain cases, CGST Act
Liability of agent and principal, CGST Act
Liability of partners of firm to pay tax, CGST Act, 2017
Special provisions regarding liability to pay tax, interest or penalty in certain cases, CGST Act
CGST Act, 2017 Liability in other cases
Authority for advance ruling, CGST Act, 2017
CGST Act, 2017 Procedure on receipt of application
CGST Act, Rectification of advance ruling
How to export goods from India?
GST Return for Casual and Non-Resident Taxpayers
Short filing of GST returns
Non filing and Late filing of GST returns
Revision of GST Return
Where to file GST returns?
GST returns for Input Service Distributor (ISD)
TDS calculation under GST returns
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
GST rate payable for photographic goods and cinematographic commodities
GST rate payable for wood tar oils, fire-extinguisher preparations
Percentage of GST payable for Plastic
Rate of GST payable for Rubber and rubber products in India
GST for Leather industry in India
GST for Leather industry in India
GST tax payable for saddlery products, articles of animal gut, leather articles
Rate of GST payable for fur skins and articles of fur
Dimension of export containers
Export Promotion Councils and Commodity Boards, product wise
SEIS scheme for exporters in India
Mode of payments in international trade