Payment of interest

(1)... ...earlier — upon so much of the amount of tax payable by him according to such notice as remain unpaid at the end of each such month of default. (2) A dealer liable to pay interest under sub-section (1) of this section shall, in the prescribed manner, pay into a Government Treasury or the State Bank of Sikkim or any other bank as may be notified by the Government the amount of interest payable by or due from him by such date as may be prescribed. (3) Where as a result of an order under section 74, section 75, section 76 or section 77 the amount of tax payable is modified, the interest payable under sub-section (1) shall be determined on the basis of such modified amount and the excess interest paid, if any shall be refunded. (4) Interest under sub-section (1) shall be payable in respect of assessment notices which are issued under section 41, on or after the appointed day.