(2)If default is made in making payment in accordance with sub-section (1)-(i)the whole of the amount outstanding on the date of default shall become immediately due and shall be a charge on the property of the Dealer or any other person of persons liable to pay tax under this Act; and(ii)the Dealer or any other person or persons liable to pay the tax under this Act shall pay a penalty equal to two and half per cent of such amount for each month subsequent to the first three months as aforesaid.Explanation - For the purpose of clause (ii) the penalty payable for a part of a month shall be proportionately determined.
