State with brief reasons whether the following are true or false; as per GST law: When the refund is issued beyond 60 days from the date of application, interest is payable @ 8% per annum.

False. As per section 56 of the CGST Act, where any tax ordered to be refunded is not refunded to the applicant within 2 months from the date of the application, the applicant shall be paid interest at such rate not exceeding 6%, as may be prescribed by Board. Vide Notification No. 13/2017-C.T., dated 28-6-2017, the Government has notified the rate of interest for the purpose of Section 56 @ 6%.