GSTAT Principal Bench Holds Interest on Profiteered Amount Under Section 171 CGST Act Is Mandatory from Date of Collection
The GSTAT Principal Bench has ruled that suppliers must refund profiteered amounts along with interest at 18% per annum from the date of collection until refund, under Section 171 and Rule 133(3)(b) of the CGST Rules. The Tribunal clarified that interest is compensatory and mandatory, rejecting arguments for limiting interest to the date of project completion.
