Yashoda Company imported goods valued at 10,00,000 vide a Bill of Entry presented before the proper officer on 15th December, 2023, on which date…

Yashoda Company imported goods valued at 10,00,000 vide a Bill of Entry presented before the proper officer on 15th December, 2023, on which date the rate of customs duty was 20%. The proper officer decided that the goods should be subject to chemical or other test and therefore, the same were provisionally assessed at a value of 10,00,000 and Yashoda company paid provisional duty of 2,00,000 on the same date. Yashoda Company wants to voluntarily pay duty of 1,50,000 on 20th January, 2024. Determine the amount of interest payable, if any, under section 18 of the Customs Act, 1962 assuming that the payment of 1,50,000 as stated above is made on 20th January, 2024 and that the final duty is assessed on 31st January, 2024 at 4,00,000 and the balance duty is paid on the same day.