(2)Where a stockist fails to make payment of any luxury tax payable after assessment made under Sub-section (1), of Sub-section (2), by the date specified in the notice issued under Sub-section (8), of Section 9 for payment thereof, he shall pay a simple interest at the rate of three per centum for each month of default from the first day of such month next following the date specified in such notice to the last day of the month prior to the month of full payment of such luxury tax, or up to the month prior to the month of commencement of proceedings under Sub-section (10) of Section 9, whichever is earlier, upon so much of the amount of luxury tax due from him according to such notice as remains unpaid at the end of each such month of default.
