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2019 (10) TMI 1006 - HC - VAT / Sales TaxRelevant time for calculation of interest - date from which, the simple interest at the rate of 8% per annum, in terms of Section 33(2) of the Goa Value Added Tax Act, 2005 becomes payable, on the amount refundable under the provisions of the said Act - HELD THAT - The issue decided in the case of 2019 (10) TMI 951 - BOMBAY HIGH COURT where it was held that, Respondents are directed to pay simple interest at the rate of 8% per annum on the sanctioned refund amount.
Issues:
1. Seeking statutory interest on specified amounts. 2. Determining the date from which simple interest becomes payable under the Goa Value Added Tax Act, 2005. Analysis: The petitioner sought statutory interest on specific amounts under the Goa Value Added Tax Act, 2005. The main issue revolved around determining the date from which simple interest at the rate of 8% per annum becomes payable on the refundable amount under the Act. In a previous related case, the court had ruled in favor of the petitioner against the Revenue on this issue. In the current judgment, the court directed the respondents to pay the petitioner simple interest at the rate of 8% per annum on the sanctioned refund amounts towards interstate/local sales and input tax credit/export sales for specified periods. The first directive was for an amount related to sales between July 2012 and February 2016, while the second directive covered specific dates from 2008 to 2016. The court ordered the payments to be made within eight weeks from the judgment date. Regarding a specific relief sought by the petitioner, the court denied immediate relief but instructed the Adjudicating Authority to dispose of the proceedings within four months. The petitioner was granted the liberty to challenge the authority's decision before the appropriate forum if aggrieved. The court made the rule absolute based on the provided terms and stated that there would be no order as to costs. All parties were instructed to act based on the authenticated copy of the judgment.
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