Exporter Can't Be Denied Interest On Refund U/S 56 Of CGST Act For Period Of Delay Attributable To Revenue Dept: Bombay High Court

The Supreme Court ruled that the period for granting interest on the refund of Integrated Goods and Services Tax (IGST) would commence upon the expiry of 60 days from the date of the shipping bill. This decision clarifies the timeline for calculating interest on IGST refunds, providing clarity and consistency in tax administration. The court emphasized the importance of timely refunds to taxpayers, ensuring that they are not unduly burdened by delays in the refund process. The ruling aims to streamline the refund mechanism and promote efficiency in tax administration. By setting a clear timeline for interest calculation, the court seeks to enhance transparency and accountability in the refund process. This decision is expected to benefit taxpayers by ensuring they receive timely refunds along with appropriate interest, reducing the financial impact of delays. The ruling underscores the judiciary’s role in interpreting tax laws and protecting taxpayer rights.