Interest will be paid by WB VAT department for Delayed Refund

Exist­ing pro­vi­sions of sec­tion 36 has been renum­bered as sec­tion 36(1), and a new sub-sec­tion (2) has been insert­ed w.e.f. 01.04.2015. As per new­ly insert­ed sub-sec­tion where the assess­ment order has been passed under sec­tion 46, and the Com­mis­sion­er has to pay inter­est for delay in mak­ing refund under sec­tion 62, he shall pay a sim­ple inter­est @ 12 % per annum from the first day of the Eng­lish cal­en­dar month next fol­low­ing three months after the date of such assess­ment order or after the date of order under sec­tion 62(3), whichev­er is lat­er, and up to the date on which refund is made, upon the amount of tax paid in excess or excess ITC not car­ried for­ward and found refund­able accord­ing to such assess­ment order. This pro­vi­sion is applic­a­ble for any assess­ment peri­od start­ing on or after 01.04.2014.