Query on interest

Have you utilised that ITC Ma'am to offset your Output Tax Liability ???

Yes, i have utilise that ipt to offset opt for the month of January 2020

Q1). Can I rectify it by filing FORM GSTR-3B on July ???

Answer : YES. You can rectify ( reverse your ITC ) your mistake in your July month's FORM GSTR-3B.

Q2). If any amount of Interest is payable ???

Answer : YES. Since you have utilised the ITC to off-set your Output Tax Liability, Interest @ 24% p.a. under Section 50 of the CGST Act 2017 will be levied.

Suppose i have excess claimed ipt rs.6000000 on January 2020 , how much amount of interest i have to paid in july 2020

Mam , pls file drc03 with 24% pa interest. don't wait for 3B otherwise interest will be increased everyday. interest will be calculated from due date of Jan return to till the filing date.

If i pay 5 months interest amount?