Green Peppers Company imported goods valued at 20,00,000 vide a Bill of Entry presented before the proper officer on 15 th July, on which date the…

Green Peppers Company imported goods valued at 20,00,000 vide a Bill of Entry presented before the proper officer on 15 th July, on which date the rate of customs duty was 10%. Green Peppers Company has produced all the necessary documents and furnished full information. However, the proper officer deemed it necessary to make further enquiry and therefore, the same were provisionally assessed at a value of 20,00,000 and Green Peppers Company paid provisional duty of 2,00,000 on the same date. Determine the amount of interest payable, if any, under section 18 of the Customs Act, 1962 provided that: (i) Green Peppers Company voluntarily pays duty of 50,000 on 20 th August. (ii) Final duty is assessed on 31 st August at 3,00,000. (iii) Green Peppers Company pays balance duty on the date of assessment of final duty.