Interest on excess itc claimed

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.