Payment of tax

Payment of tax

1. (1) The tax shall be paid in the manner as may be prescribed.
2. (2) Every importer liable to pay tax under this Act shall furnish a return in such form, for such period, and by such date as may be prescribed.
3. (3) Every importer shall, before furnishing the return required by sub-section (2), pay the full amount of tax due from him according to such return.
4. (4) If any importer fails to pay the tax in accordance with the provisions of this Act, he shall be liable to pay, in addition to the tax, a simple interest at the rate of two per cent of the tax amount for each month or part thereof from the date specified for its payment till the date of its payment.