I am owed a refund from the VAT Department. When am I going to be paid?
When any excess credit for any tax period, cannot be set-off against output tax for the following period, than this excess credit has to be refunded within 5 months from the last day stipulated for the filing of the return of that tax period or the date on which the return was submitted, whichever is the later.
The Commissioner may require further verification before a refund is made. In such cases the repayment period may be extended by a further 12 months provided that the running of interest shall not be suspended.
Late payments of refunds are subject to interest of 1% per month or part thereof till date of payment.