Interest for Delayed IGST Refunds start after 60 Days of Filing Shipping Bill: Bombay HC

The Bombay High Court ruled that interest on delayed Integrated Goods and Services Tax (IGST) refunds should start accruing 60 days after the filing of the shipping bill. The case involved a petitioner who sought interest on delayed IGST refunds for exports. The court held that the statutory period for processing refunds is 60 days from the date of filing the shipping bill, and any delay beyond this period entitles the exporter to interest. The ruling emphasized that the refund process should be efficient and timely to support exporters and maintain their competitiveness in the international market. The court directed the tax authorities to calculate and pay interest from the 61st day after the shipping bill filing date. This decision reinforces the importance of timely refunds under the GST regime and provides relief to exporters facing delays in receiving their due refunds.