Interest on delayed customs duty imposed at notified rates, calculated from due month; exception for voluntary payment within prescribed period. The substituted section makes interest on delayed payment of duty an additional liability irrespective of court or authority orders, payable whether the duty is voluntarily paid or after determination. The Central Government may notify an annual interest rate within a prescribed band, with interest calculated from the first day of the month following the month the duty was due or from the date of an erroneous refund until payment. No interest is payable where duty arises from a Board direction under section 151A and is paid voluntarily in full within forty five days without reserving the right to appeal.
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Provisions expressly mentioned in the judgment/order text.
Interest on delayed customs duty imposed at notified rates, calculated from due month; exception for voluntary payment within prescribed period.
The substituted section makes interest on delayed payment of duty an additional liability irrespective of court or authority orders, payable whether the duty is voluntarily paid or after determination. The Central Government may notify an annual interest rate within a prescribed band, with interest calculated from the first day of the month following the month the duty was due or from the date of an erroneous refund until payment. No interest is payable where duty arises from a Board direction under section 151A and is paid voluntarily in full within forty five days without reserving the right to appeal.
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