(4)The assessee shall be liable to pay interest on any amount paid or payable on the goods under provisional assessment, but not paid on the due date specified under sub-rule (1) of rule 8 and the first proviso thereto, as the case may be, at the rate specified by the Central Government, vide, notification under section 11AA of the Act, for the period starting with the first day after the due date till the date of actual payment, whether such amount is paid before or after the issue of order for final assessment.Explanation. - For the removal of doubt, it is hereby declared that the goods under provisional assessment, cleared in the month of January, 2017, say a provisional duty of Rs. 5000 is paid on the 6th February, 2017 [due date under subrule (1) of rule 8], a further duty of Rs 9000 is paid on the 15th April, 2017, and on the same day the documents for final assessment are submitted by the assessee. Final assessment order is issued on the 18th June, 2017, assessing the duty payable on goods as Rs. 15000, and consequently the assessee pays a duty of Rs 1000 on the 30th June, 2017, then no interest shall be payable on Rs 5000, interest shall be payable on Rs 9000 from the 7th February, 2017, till the 15th April, 2017, and interest shall be payable on Rs 1000 from the 7th February, 2017, till the 30th June, 2017, as due date for payment of duty of Rs 15000 is the 6th February, 2017.
