Section 56 of CGST Act, 2017 : Section 56: Interest On Delayed Refunds

Explanation using Example

Imagine a business owner, Mr. Sharma, who has applied for a GST refund due to an excess payment of tax. He submitted his refund application on January 1, 2023. According to Section 56 of the Central Goods and Services Tax Act, 2017, if the tax authorities do not process his refund within 60 days, which would be by March 2, 2023, Mr. Sharma is entitled to receive interest on the refund amount. Th...

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