6% or 9% Interest on Late GST Refunds: Decoding Section 56 with Judicial Rulings

This summary decodes the legal intricacies and judicial rulings concerning interest payable on late GST refunds. The analysis covers the interpretation of relevant sections of the GST Act, focusing on Section 56, and examines key judicial precedents from various High Courts and the Supreme Court. The summary clarifies the circumstances under which a taxpayer is entitled to interest, the calculation methods, and the timelines for claiming it. It also highlights the responsibility of tax authorities to disburse refunds promptly.