Interest on delayed payment of duty

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....who is liable to pay duty, shall, in addition to the duty, be liable to pay interest at the rate specified in sub-section (2), whether such payment is made voluntarily or after determination of the amount of duty under section 11A. (2) Interest, at such rate not below ten per cent and not exceeding thirty-six per cent per annum, as the Central Government may, by notification in the Official Gaz....

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.... Notes: 1. Substituted vide Finance Act, 2011, w.e.f. 8-4-2011, before it was read as, "Section 11AA. Interest on delayed payment of duty.- (1) Subject to the provisions contained in section 11AB, where a person, chargeable with duty determined under sub-section (2) of section 11A, fails to pay such duty within three months from the date of such determination, he shall pay, in addition....

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....sp; Explanation 1.-Where the duty determined to be payable is reduced by the Commissioner (Appeals), Appellate Tribunal or, as the case may be, the court, the date of such determination shall be the date on which an amount of duty is first determined to be payable.      Explanation 2.-Where the duty determined to be payable is increased or further increased by the Commission....