Notwithstanding anything contained in the proviso to sub-section (2) of section 24 and in sub-sections (1) and (4) of section 37 but subject to the other provisions of sub-sections (1) and (2) of section 24, any tax due or payable under this Act by any dealer or any person in respect of any tax period shall be paid in such manner and within such time as prescribed under this Act or under the rules framed under this Act:

Provided that if any such dealer or person fails to pay such tax due or payable along with the return within the time prescribed therefor, the dealer or person shall pay by way of penalty, in addition to the amount due or payable, a sum equal to two percent of such amount for each month of default or part thereof after the date prescribed for its payment subject to the condition that the penalty in respect of part of a month shall be computed proportionately and for this purpose, a month shall mean a period of thirty days:

Provided further that if any default is made in payment of such tax, the whole amount outstanding on the date of default along with the penalty prescribed in the first proviso shall become immediately due and shall be the first charge on the properties of the dealer or person liable to pay the tax or penalty and such tax and penalty shall be recovered as per sub-section (3) of section 37 of this Act.