Refund service tax interest rate
Querist : Anonymous
Querist : Anonymous
As per Section 11B of the Central Excise Act (which covers Service Tax too):
The department pays interest at 6% per annum on the refund amount if the refund is not granted within 3 months from the date of receipt of the claim.
The interest is calculated from the date of the claim to the date of refund.
However, the rate may vary if there are notifications or amendments.
So, interest paid by the department on delayed refunds is 6% p.a., not 18%.
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