(1) The Commissioner shall, in the prescribed manner, pay a simple interest at the rate of twelve per centum per annum for the period of delay in making refund to certain class of persons referred to in section 61, or to a dealer of the amount of tax paid in excess which arises out of an order passed under section 84, section 85, section 86, section 87 or section 88, from the first day of the month next following three months from the date of such order up to the date on which the refund is made in the manner referred to in section 62, upon the amount of tax refundable to him according to such order.

(2) The Commissioner shall, in the prescribed manner, pay a simple interest at the rate of twelve per centum per annum for each month of delay in making refund to a registered dealer in accordance with section 62, arising out of an order under section 46 relating to any assessment period starting on or after the 1st day of April, 2014, from the first day of the English calendar month next following three months after the date of such assessment order, or after the date of order under sub-section (3) of section 62, whichever is later, and up to the date on which the refund is made, upon the amount of tax paid in excess, or the amount of unadjusted net tax credit over output tax which has not been carried forward to the next return period and refundable to him according to such assessment order.