Payment or refund of tax

(1) A person who is required by section 30 to furnish a GST return in respect of a tax period shall, within the time allowed by that section for furnishing the return, pay to the Commissioner the amount of tax, if any, calculated in accordance with this Act as being payable in respect of that period. (2) Where, in a GST return furnished to the Commissioner in accordance with section 30, a refund of any amount is specified as being due, the Commissioner shall satisfy the amount– (a) by applying the amount, or any of it, to the payment of any outstanding GST, interest or penalty payable under this Act or as notified to the Commissioner as payable under any other revenue law, by the person to whom the refund is due; or (b) by paying the amount, or any of it, to the person to whom the refund is due. (3) Any amount of refund due that remains outstanding for more than a period of three months after– (a) the date by which the GST return in which the refund was specified as being due, was required to be furnished to the Commissioner; or (b) the date on which the GST return referred to in paragraph (a), was furnished to the whichever is the later, shall bear interest at the rate of one per cent per month or part of a month from the day after the expiration of that period until the amount outstanding is satisfied in accordance with sub-section (2). (4) Subject to the provisions contained in Division 6 of this Part, the amount specified in a GST return as being the amount of the tax payable, or the amount of the refund due, in respect of a tax period shall be conclusively deemed, for the purposes of this Act, to be correct. (5) Notwithstanding anything in this section, where the amount of tax calculated in accordance with this Act as being payable to the Commissioner in respect of a tax period, or the amount of any refund calculated as being due from the Commissioner to a person in respect of a tax period, is not more than five dollars, the amount calculated shall be deemed to be nil. (6) Any amount that a person pays to the Commissioner other than in accordance with sub-section (1) may be applied by 58 the Commissioner to satisfy any outstanding amount that the person is required by this Act to pay to the Commissioner and, where the amount is insufficient to satisfy all of the amounts outstanding, the priority in which it shall be applied shall be according to the length of time for which the amounts have been outstanding, those outstanding for the longest being satisfied first. (7) Notwithstanding the foregoing provisions of this section, the Commissioner may delay the payment of refund to any person if he has reasonable grounds for so doing. Tax Invoices, Credit Notes, Debit Notes, other Documentation and Assessment