(1) No application is required for sanction of refund arising out of any order of assessment, appeal, revision or rectification under the Act and such refund shall be allowed within sixty days of the date of receipt of such order.

(2) Refund sanctioned under sub-rule (1) shall be paid, either through refund adjustment voucher or through refund payment voucher or both.

(3) The refund adjustment voucher and the refund payment voucher shall be generated electronically for record only and payment/ adjustment instruction shall be sent to D.T &l (0) system through secure electronic mode in Form VAT -318A.

(4) Refund arising out of a return furnished for any tax period subject to exceptions as specified under rule 66, shall be carried forward for adjustment of tax due and payable in subsequent tax period or tax periods, until the expiry of a period of twenty four months, from the end of the year to which that tax period relates.