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of <h1>Section 28AA Requires Interest on Delayed Customs Duty Payments; Rates Range from 10% to 36% Annually</h1> Section 28AA of the Customs Act, 1962 mandates that a person liable to pay customs duty under Section 28 must also pay interest on delayed payments. The interest rate, set by the Central Government, ranges from 10% to 36% per annum and is calculated from the month following when the duty was due until payment. However, no interest is charged if the duty results from a Board directive and is paid voluntarily within 45 days without appealing. This provision overrides any contrary court or tribunal decisions.
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