Penalty intrest rate

suppose if I took rs 5000 extra ITC for done a double purchase entry mistake
then how much penalty I have to pay and how much is the interest rate is?
Replies (4)
Quick Summary
This discussion addresses the penalties and interest applicable if you mistakenly claim extra Input Tax Credit (ITC) due to a double purchase entry. The prevailing interest rate for such discrepancies is 18% per annum, as per Notification No. 13/2017 Central Tax dated 28 June 2017. The exact penalty amount would depend on the specific circumstances and tax regulations.

Interest rate is 24%
Per month
Per annum.....

Rate of interest will be 18% p.a. vide Notification no. 13/ 2017 Central tax Dated 28 June 2017 ,

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