Interest payable by dealer

(1) If any dealer does not pay into a Government Treasury the full amount of tax payable by him under this Act by the due date simple interest at the rate of fifteen per centum per annum from the first day of the month next following the said date shall be payable by him on the amount by which the tax paid, if any, by the due date falls short of the tax payable. (2) Where on making assessment, the Commissioner finds that a dealer has not maintained the account books properly and thereby he has suppressed the purchase of goods in any period, the Commissioner may direct him to pay interest as prescribed in sub-section (1). If the amount of tax payable under the Act has been reduced in appeal or revision, the interest may be calculated on the reduced amount. (3) If any registered dealer does not pay into the Government Treasury the amount of tax within the date as provided in sub-section (4) of section 20 or any instalment of the tax within the extended date as per proviso to sub-section (1) of section 23 of the Act, interest as provided in sub-section (1) shall be payable from the first day of the month next following the said date by the dealer upon the amount by which the tax if any paid falls short of the amount of tax payable under the Act. (4) If the amount of tax paid within the prescribed date is not less than ninety per cent of the tax as finally assessed, no interest as provided for in sub-section (1) of this Section shall be levied.