Refund of Interest

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782 Points Posted on 16 July 2020
After filing LUT, foreign proceeds were not received within the stipulated time, thus, IGST along with applicable interest was deposited by a registered person. Can such person claim refund of interest component as well along with tax paid?
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On 16 July 2020 at 22:47 Report
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A registered person deposited IGST and applicable interest because foreign proceeds were not received within the stipulated time after filing an LUT. The discussion explores whether the interest component can be refunded along with the tax paid. While tax refunds are generally possible, the refundability of interest is uncertain, prompting a search for legal provisions.

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Practising CA
5649 Points Posted on 17 July 2020
Tax ka refund toh mil jayega but interest ka toh koi thikana nahi hai
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On 17 July 2020 at 00:15
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782 Points Posted on 17 July 2020
Any legal provision for the same? Anywhere prescribed in law?
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On 17 July 2020 at 03:07
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1708 Points Posted on 17 July 2020
Yes you may contact me
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On 17 July 2020 at 05:48

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