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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Interest on excess itc claimed
Replies (3)
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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