ॐ असतो मा सद्गमय
Yes. In addition to the amount payable by him, the person is required to pay interest under Section 50 on the same from the date of collection of the amount till the date such amount is paid to the Government.
(ICAI FAQ PUBLICATIONS 06-09-2017 Tax collected but not paid to Government : FAQ NO. 33)
The proper officer shall issue notice requiring him to show cause as to why the amount so collected as tax should not be paid by him to the Government and why a penalty equivalent to the amount specified in the notice should not be imposed on him under the provisions of the Act. The proper officer shall adjudicate the matter and issue order within one year from the date of issue of the show cause notice.
(ICAI FAQ PUBLICATIONS 06-09-2017 Tax collected but not paid to Government: FAQ NO. 32)