(1) Notwithstanding anything contained in rule 74, any registered dealer may apply for refund electronically by way of providing all requisite information on the web-site of the Excise and Taxation Department

(2) Subject to the provision of section 28 of the Act, where the appropriate Assessing Authority, after having verified the deposit, is satisfied that the payment made by a dealer or a person is in excess of any tax, penalty, interest or other sum due, as a result of an assessment made or in pursuance of an order passed by authority or appropriate Assessing Authority, either suo moto or on an application made in this behalf by the dealer electronically, shall pass an order of refund, and shall issue a refund payment order in Form VAT XXXIV or refund adjustment order in Form VAT XXXV, and also directing the bank, as may be specified by the Commissioner, to transfer the amount of refund (in case of Refund Payment Order) into the account of the dealer mentioned by him and shall send a copy thereof to the Treasury office.