Interest on excess itc claimed

my Supplier has filed his R1 of Mar 22 on 10/6/22 and i have filed 3B of Mar 22 on 12/6/22 claiming and utilizing the same. ITC is Rs.100000 CGST n 100000 sgst.

please suggest

1. Rate of interest on excess claim
2. Interest payable for which period
3. Amount of interest
Replies (3)
Quick Summary
This discussion addresses the calculation of interest on excess Input Tax Credit (ITC) claimed. The user filed their March 2022 GSTR-3B after their supplier filed the R1, utilising ITC before it was reflected. The query seeks clarification on the interest rate, the period for which interest is payable, and the total interest amount, with initial suggestions pointing towards 1.5% per month or 24% per annum on net output tax liability.

Rate of Interest @ 1.5% P.M from 21-4-2022 to 12-6-2022 on the Output tax liability paid (Net of output Tax liability) along with late fees Rs 50/- per day...
Thanks
24% interest applicable

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