SHORT ANSWER:
The refund interest rule allows taxpayers to receive interest on the amount refunded by the government.
DETAILS:
- Under the Goods and Services Tax (GST) law, if a taxpayer is eligible for a refund, they are entitled to receive interest on the refund amount.
- The interest is calculated from the date of application for refund until the date of payment of the refund.
PUNISHMENT / IMPLICATIONS (if applicable):
- If the government delays the refund beyond the stipulated time, interest is payable to the taxpayer.
SOURCE:
- Goods and Services Tax Act, 2017
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