32A. Interest on delayed payment of compounded amount of tax

Where a dealer fails to make payment of the amount of tax compounded under section 30A by the date specified in the notice issued thereunder, he shall pay a simple interest at the rate of one per centum for the each British calendar month of default from the first day of the month next following the date specified in such notice up to the month preceding the month of full payment of such tax or up to the month of commencement of proceeding under section 52, whichever is earlier, upon so much of the amount of tax due from him according to such notice as remains unpaid at the end of such amount of default.