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Introduction:

The right to a refund under the GST is a substantive right and not merely a procedural entitlement. If the refund is not sanctioned within the time prescribed by statute, it must compensate the taxpayer for the time value of that deprivation, and this is precisely what Section 56 of the CGST Act, 2017 (“Act”) sets out to do. Even after 9 years of GST, the interest on delayed refunds remains one of the most litigated and administratively resisted corners of the law....