(1) The State Government may, if in its opinion it is necessary in the public interest so to do, by notification, subject to such restrictions and conditions and for such period as may be specified in the notification, exempt or reduce the tax payable by any class of importer under this Act.
(2) Where any restriction or condition specified in the notification issued under sub-section (1) is contravened or is not observed by an importer or where a declaration, if any, specified in the said notification for the observance of any condition or restriction imposed therein, furnished, is found to be wrong, then such importer shall, in addition to tax calculated at the full rate, notified under sub-section (1) of section 3, on the value of such goods in respect of which such contravention or non-observance has taken place or a wrong declaration has been furnished, be liable to pay interest in terms of section 8 of this Act:
Provided that before taking any action under this sub-section, the importer shall be given a reasonable opportunity of being heard.