Section 9B. Interest payable on failure to pay duty and composition sum.

1[9-B. Interest payable on failure to pay duty and composition sum.- Where a proprietor fails to pay the amount of duty due under section 3 within the period prescribed or the composition sum fixed under section 9-A, he shall be liable to pay to the Government, in addition to the amount of duty or composition sum so payable, a penal interest at the rate of 18 per cent. per annum for the first 30 days and at the rate of 24 per cent. per annum thereafter on such amount from the date such amount became or becomes payable till the amount and interest is fully paid.