State the consequences of the following violations/defaults under the provisions of GST Laws: K, a registered person purchased goods from L and claimed Rupee 1,20,000 as input tax credit while L, the seller, declared Rup

As per Section 50(3) of Central Goods and Services Tax Act, 2017, a taxable person who makes an undue or excess claim of input tax credit or undue or excess reduction in output tax liability shall pay interest on such undue or excess claim or on such undue or excess reduction, as the case may be, at the rate of 24% per annum. Hence, K is liable to pay interest on excess ITC claim of ₹ 20,000 @ 24% per annum.