Interest payable for failure to pay excise revenue

If the duty of excise payable by a person under this Regulation or the rules made thereunder is not paid within time, he shall be liable to pay on the sum due, a simple interest at the rate of twelve per cent. per annum from the day next following the day on which such payment became due: Provided that where the duty determined to be payable is reduced or increased by the Appellate Authority or the Court, the interest shall be payable on such reduced or increased amount of duty, as the case may be.

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