What are the consequences in case the assessee fails to pay the central excise duty by the due date under Rule 8 of the Central Excise Rules, 2002 ?

As per Rule 8(3) of Central Excise Rules, if the assessee fails to pay the amount of duty by due date, he shall be liable to pay the outstanding amount along with interest at the rate specified by the Central Government vide notification under section 11AA of the Act on the outstanding amount, for the period starting with the first day after due date till the date of actual payment of the outstanding amount. The applicable rate of interest as notified by the Government is 18% per annum. If the assessee fails to pay the duty declared as payable by him in the return within a period of one month from the due date, then the assessee is liable to pay the penalty at the rate of one per cent on such amount of the duty not paid, for each month or part thereof calculated from the due date, for the period during which such failure continues. [Rule 8(3A)]