Is Interest is applicable when ITC reversal for Creditors more than 180 days . Please provide the answer with act or notification and press realease

Reply— As per sub rule (3) of rule 37 of CGST Rules, the registered person shall be liable to pay interest at the rate notified under sub-section (1) of section 50 for the period starting from the date of availing credit on such supplies till the date when the amount added to the output tax liability, as mentioned in sub-rule (2), is paid.

Rule 37(1) of CGST Rules—  A registered person, who has availed of Input tax credit on any inward supply of goods or services or both, but fails to pay to the supplier thereof, the value of such supply along with the tax payable thereon, within the time limit specified in the second proviso to sub-section (2) of section 16, shall furnish the details of such supply, the amount of value not paid and the amount of Input tax credit availed of proportionate to such amount not paid to the supplier in FORM GSTR-2 for the month immediately following the period of one hundred and eighty days from the date of the issue of the invoice.

Rule 37(2) of CGST Rules— The amount of Input tax credit shall be added to the output tax liability of the registered person for the month in which the details are furnished.