SECTION 23 INTEREST ON DELAYED REFUNDS

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Subject News

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SOY P ITTY on 21 Apr, 2016 wrote:

YOU SIR IS A GREAT PERSON TO SERVE WITH OUT ANY SINGLE PENY. AND YOUR ADVICE RELATED EXCISE AND SERVICE TAX IS VERY VALUABLE FOR GRADUATE/POST GRADUA ...
hitesh on 03 Apr, 2016 wrote:

THANK U SIR 4 UR REPLY ON RATE OF INTEREST
hitesh on 20 Mar, 2016 wrote:

Thank u sir for ur reply regarding ssi exemption limit.
visuiyer on 09 Mar, 2016 wrote:

the budget analysis is really superb... and has highlighted all the aspects.. Hats off Sir ji..
hitesh on 06 Mar, 2016 wrote:

THANK U SIR FOR YOUR REPLY REGARDING THE TARIFFS I ASKED
hitesh on 29 Feb, 2016 wrote:

THANK U SIR FOR GUIDING ME IN THE QUERY OF REFUND.I M THANKFULL TO U.
Abhimanyu Singh on 08 Feb, 2016 wrote:

GST should be passed in this budget. all parties should help in public benefit. Opposition of the party in this regard is not good.
CA R P Vijay on 04 Jan, 2016 wrote:

Thanks and we also wish you and your family a very happy and prosperous new year.
Rahul Singhvi on 04 Jan, 2016 wrote:

Thank you for your lovely greetings ! Wishing you & your family a very happy & fun filled New Year
O V Srinivasan on 04 Jan, 2016 wrote:

We from Gokak Textiles limited wish you and your team a very happy and prosperous New Year 2016.

GST Update 31.01.2016

SECTION 23 INTEREST ON DELAYED REFUNDS

GST DAILY DOSE OF UPDATION:-

SECTION 23 INTEREST ON DELAYED REFUNDS:-

It is proposed in section 23 of the GST Act, 2016 that if any tax refundable under section 22 to any applicant is not refunded within 3 months from the date of receipt of application under sub-section (1) of that section, interest at such rate as may be specified in the notification issued by the Central Government or a State Government shall be payable in respect of such refund from the date immediately after the expiry of three months from the date of receipt of such application till the date of refund of such tax.

It is pertinent to observe that again, there is discrepancy in the provisions of Joint Committee Report on Business Processes on Refund and the proposed section 23. The proposed section 23 is very much similar to the present interest provisions for delayed sanction of refunds. However, in the Joint Committee Report on Business Process, it was stated that the refund application will be filed online and there will be a time of 30 working days for the refund sanctioning authority to scrutinize the refund application and raise queries. It was mentioned that only after all defects are removed and the refund application is found to be complete in all respects that SMS/email would be sent to applicant and that date will be considered for initiation of interest clause thereby meaning that the interest would be payable after expiry of 3 months from that date. However, the proposed GST Act, 2016 purports to provide that the interest will be payable immediately after expiry of three months from the date of receipt of application. Hence, there is discrepancy in the Joint Committee Report and the proposed GST Act to that extent and it is hoped that the provisions of proposed GST Act, 2016 are being incorporated as the same are better than that stated in the Joint Committee Report.

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