Interest on delayed payment of duty

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..... liable to pay duty in accordance with the provisions of section 28, shall, in addition to such duty, be liable to pay interest, if any, at the rate fixed under sub-section (2), whether such payment is made voluntarily or after determination of the duty under that section. (2) Interest at such rate not below ten per cent. and not exceeding thirty-six per cent. per annum, as the Central Government .....

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..... equent stage of such payment.] **************** Notes: 1. Substituted vide Finance Act, 2011, w.e.f. 8-4-2011, before it was read as, "SECTION 28AA. - Interest on delayed payment of duty.  (1) Subject to the provisions contained in section 28AB where a person, chargeable with the duty determined under sub-section (2) of section 28, fails to pay such duty within three months from the date .....

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..... Explanation 1. - Where thche 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 Commissioner (Appeals), Appellate Tribunal , or, as the case may be, the cour .....

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