Interest on Delayed Refund of Input Tax Credit - Proviso to ...

GST

April 9, 2024

Interest on Delayed Refund of Input Tax Credit - Proviso to Section 56 specified increased interest rates for refunds arising from orders of adjudicating or appellate authorities. - The High court observed that the provision for interest in tax statutes is beneficial and non-discriminatory. - Non-granting of interest would constitute a failure to fulfill statutory obligation by the refund sanctioning authority. - The High Court highlighted the principle of strict construction of fiscal legislation and the necessity for interest payment. - Ultimately, the court directed the respondents to pay interest on the delayed refunds to the petitioners.

View Source

← Previous Next →

Interest on Delayed Refund of Input Tax Credit - Proviso to ...

GST

April 9, 2024

You may also like:

Grant of interest / compensation for delayed Refund of unutilized input tax credit - Rate of interest - HC awarded 9% instead of 6% applying the proviso to section 56 -...

Refund of accumulated Input Tax Credit - inverted duty structure - Under Clause (i) of the proviso to Section 54(3) of the CGST Act, refund of ITC is available in cases...

Claim of interest on delayed refund - The claim was rejected on the ground that the amount was recredited to the credit ledger - High court found this contention...

Availment of input tax credit - Where tax is not paid by the supplier, ITC shall be reversed with applicable interest liability - Section 41 of CGST Act, 2017 Amended

Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed - Notification as amended [restriction of ITC on certain fabrics]

Interest on delayed refund of IGST paid on export of the goods along with duty drawback - The refund of the petitioner was withheld for almost six months and after six...

Input Tax Credit (ITC) - National Dairy Development Board (NDDB) can be considered as financial institution for the purpose of availing credit to the extent of fifty...

Refund of unutilised input tax credit - interest for delayed payment of refund - In view of the categorical assertion made by the learned counsel representing the...

Input tax credit (ITC) - Post purchase discount - The Applicant can avail Input Tax Credit only to the extent of the invoice value less the discounts.

Interest on delayed payment of tax. - Interest on ITC wrongly availed and utilized - Section 50 of CGST Act, 2017 amended

Quick Updates: