(1) No refund of money shall be made to a person under section 68 or 69 unless and until the applicant files all VAT returns up to the current tax period.

(2) If a refund becomes payable to a person, the Commissioner shall apply the refund first in reduction of any outstanding liability of the person for taxes (including interest, penalty, or fines) payable under this Act.

(3) After application of sub-section (2), if there is a remainder of money and such amount does not exceed Taka 50,000.00 (fifty thousand), the Commissioner may choose not to refund the amount and may, instead, accord permission to the registered person to treat the amount as a decreasing adjustment in a tax period determined by the Board.