Penalty for non-payment of tax

If a dealer required to furnish returns under this Act fails to pay the amount of tax due as per the returns or fails to make payment of tax assessed or reassessed under this Act within the time allowed, the prescribed authority may direct that such dealer shall pay by way of penalty in addition to the amount of tax and interest, a sum not exceeding one and half times of such tax. The prescribed authority shall in the prescribed manner, and subject to unjust enrichment, refund any amount paid by a assessee or any other person liable to pay tax, in excess of the amount of tax determined as being payable by him under this Act.