Interest on excess itc claimed

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316 Points Posted on 29 October 2022
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
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On 29 October 2022 at 10:25 Report
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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.

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582 Points Posted on 07 November 2022
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...
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On 07 November 2022 at 22:29
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316 Points Posted on 10 November 2022
Thanks
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On 10 November 2022 at 18:51
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118 Points Posted on 26 November 2022
24% interest applicable
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On 26 November 2022 at 07:44

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