Section 42(1) in Daman and Diu Value Added Tax Regulation, 2005
(1)(a)A person entitled to a refund under this Regulation, shall be entitled to receive, in addition to the refund, simple interest at such rate, as may be notified by the Government from time to time.(b)The simple interest at the rate specified under sub-section (1) shall be calculated from -(i)the date from which the refund was due to be paid to the person; or(ii)the date on which the person paid the excess amount,whichever is later, and such interest shall be calculated upto the date on which the refund is given.(c)The interest shall be calculated on the amount of refund due after deducting therefrom any tax, interest, penalty or any other dues under this Regulation, or under the Central Sales Tax Act, 1956 (74 of 1956), if such dues relate to the sale of goods from Daman and Diu.(d)If the amount of such refund is enhanced or reduced, as the case may be, such interest shall be enhanced or reduced accordingly.(e)If the delay in granting the refund is attributable to the said person, whether wholly or in part, the period of the delay attributable to him shall be excluded from the period for which the interest is payable.
