(1) A dealer whose sales are in the course of export out of territory of India within the meaning of sub-section(1) and sub-section(3) of section 5 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956), shall furnish an application in Form VAT- XXVI to the Appropriate Assessing Authority for claim of refund of input tax paid by him, alongwith the return in Form VAT-III.

(2) The Appropriate Assessing Authority shall verify the correctness of the claim of such refund and on being satisfied , shall issue the refund voucher in Form VAT- XII which shall be credited to the declared bank account of the dealer in the manner specified under rule 30 within a period of ninety days from the date of the sanction order made by the competent Authority.

Provided that no refund exceeding rupees fiteen lacs shall be made without prior approval of the Commissioner.

(3) Interest due, if any, on refunds as provided under sub-section(2) of section 33 of the Act, shall be paid to the dealer alongwith the principal amount in the manner as provided in rule 30 .