69.
Provisional Refunds.- (1) If a registered dealer
files any returns or produces any other evidence as required
by or under this Act, and the return or evidences produced
show any amount to be refundable to the dealer, then the dealer
may apply in the prescribed form to the prescribed authority
for grant of provisional refund.
(2) The prescribed authority may require
the said dealer to furnish such security as may be prescribed
for an amount equal to the amount of refund and on receipt
of such security, the prescribed authority shall, subject
to rules, grant the dealer a provisional refund of the amount
claimed refundable as aforesaid.
(3) (a) Subject to other provisions of
this Act, the refund under sub-section (1) shall be deemed
to be final if the dealer has no liability under the Act as
per his annual return filed under section 24 the annual return
and the report submitted under sub-section (2) of section
54.
(b) Upon the said refund being final, the
security, if any, furnished under sub-section (2) shall be
returned to the said dealer.
(c) If any amount in excess of the amount
refunded under sub-section (1) is found to be payable by the
said dealer in respect of the period for which he had claimed
and was allowed such provisional refund, such excess shall
be recovered as arrears of tax from the dealer and he shall
be liable to pay simple interest on such excess amount at
the rate of one and half percent per month or part thereof
from the date of grant of provisional refund till the date
of the payment of such excess amount. |
