Amendment to Section 56 of the Central Goods and Services Tax Act
This amendment modifies Section 56 of the Central Goods and Services Tax Act. Previously, the law stated that interest on delayed tax refunds would accrue from the day immediately after 60 days following the receipt of a refund application until the refund was issued. The new amendment changes this to specify that interest will now be calculated for the period of delay beyond those 60 days, up until the refund is made. Additionally, the calculation of this interest will follow certain prescribed methods and will be subject to specific conditions and restrictions. This change aims to clarify how interest on delayed refunds is determined and ensure consistency in its application.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 56.
147. In section 56 of the Central Goods and Services Tax Act, for the words "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", the words "for the period of delay beyond sixty days from the date of receipt of such application till the date of refund of such tax, to be computed in such manner and subject to such conditions and restrictions as may be prescribed" shall be substituted.
