Section 10B(2) in The Jammu and Kashmir General Sales Tax Act, 1962
(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.]
