Section 10B in The Jammu and Kashmir General Sales Tax Act, 1962
10B. Interest on [xxx] [Deleted by Act X of 1984, Section 7.] refunds.
(1)Where the refund is due to the dealer or any other person on account of tax or penalty found to have been paid in excess in pursuance of an order under [section 11, section 11-A] [Substituted by Act VII of 2001, Section 24.] or section 12, the Government shall pay to such a dealer/person simple interest at [18%] [Substituted by Act XVIII of 1988, Section 7.] per annum on the amount of such refund from the date such amount was paid to the date on which refund is granted :Provided that where the amount found to be in excess was paid in instalments, such interest shall be payable on the amount of such instalment which was in excess, from the date on which such instalment was paid to the date on which the refund is granted :Provided further that interest for the period commencing from the date of the order under [section 11, section 11-A] [Substituted by Act VII of 2001, Section 24.] or section 12 giving rise to the refund shall be paid at the rate of 24% per annum [xxx] [Substituted by Act XVIII of 1988, Section 7.].(2)Where the refund is withheld under the provisions of section 10-A, the Government shall pay simple interest at the rate of 12% per annum on the amount of refund ultimately determined to be due as a result of appeal or further proceeding :Provided that interest for the period commencing from the date on which the time determined by the Commissioner under section 10-A expires shall be paid at the rate of 24% per annum [xxx] [Certain words deleted by Act of 2005, Section 11, w. e. f. 8-11-2004.].Explanation I - [Interest for a part of the month shall be allowed proportionately.Explanation II - In case the payment of tax has been made by a cheque or draft or in any other mode otherwise than in cash, the date of payment will be the date on which such cheque, draft, etc. was actually encashed.] [Substituted by Act of 1988, Section 7.][Section 10-A, 10-B inserted by Act XIII of 1978, Section 13.]
