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Where an amount paid by the appellant under sub-section (6) of section 107 or sub-section (8) of section 112 is required to be refunded consequent to any order of the Appellate Authority or of the Appellate Tribunal, interest at the rate specified under section 56 shall be payable in respect of such refund from the date of payment of the amount till the date of refund of such amount.
115.1 Introduction
(i) This section provides for interest on delayed refund of pre-deposit made while filing the appeal.
115.2 Analysis
(i) Interest at the rates specified in Section 50 shall be payable on refund of pre-deposit.
(ii) Such interest to be calculated from the date of payment of such pre-deposit till the date of refund
115.3 Comparative review
Section 35FF of the Central Excise Act, 1944 read with Notification No. 24/2014-CE (NT) dated August 12, 2014 provides for interest on refund of pre-deposit at the rate of 6% per annum.
115.4 Related provisions
Section Description
Section 56 Interest on delayed refunds
Section 107(6) Appeal to Appellate Authority
Section 112(8) Appeal to Appellate Tribunal
115.5 FAQ
Q1. When is interest on refund of pre-deposit calculated?
Ans. The interest will be calculated from the date of pre-deposit to the date of refund of the same.
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