- Where a Refund Payment Order or a Refund Adjustment Order is issued under rule 49, the authority issuing such order shall simultaneously record an order sanctioning the interest payable, if any, under sub-section (3) of section 12 on such refunds specifying therein, the amount of refund the payment of which was delayed, the period of delay for which such interest is payable and the amount of interest payable by the State Government and shall communicate the same to the dealer to whom the interest is payable and also to the Commissioner stating briefly the reasons for the delay in allowing the refund. Where an order for the payment of interest on delayed refund under this rule has been made, the sanctioning authority shall issue to the dealer Interest Payment Order in form ST XVII-D.]
