SCN for Excess claim of ITC.

If credit is available in ECL then reverse the same vide DRC 03, otherwise pay in cash.

As ITC is utilized so interest u/s 50(3) need to be paid.

Pay it through DRC -03 with 18% interest

Yea as per latest Rule 88B inserted by Notification 14/2022 ITC wrongly availed & utilized need to be pay with interest .
In my view the interest rate must be 24%
As the Finace Act 2022-23 Clause 111 being got effective retrospective from 01/07/22 , by Notification 9/22 CT
Clause 111 a new sub section (3) being inserted u/s 50 of CGST act & the rate of interest for ITC availed & uitilised is 24% .
As the interest rate in this case amended to 18% by amending notification 13/2017 CT under clause 115, 118, 121 , but these clauses are not being notified till date.

So need to pay 24% interest.

Interest in cash and itc reversal from credit ledger am I right??

Yes I agree with Pankaj ji interest rate will be 24% so you may reverse the ITC through credit ledger and pay interest in cash and file DRC-03.

Yes 24% interest chargeable on excess ITC claim.

Thanks

Pay through DRC-03 through cash. Interest rate is 18%

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