Hi Seniors
What is entry tax and how it calculated if organistation is registered in u.p. its due date, interest & panalty pls.
Thanking You
Sunil
2 Replies
Harshal Fifadra
(Chartered Accountant)
(1489 Points)
Replied 04 October 2011
The entry tax is the tax amount paid on the purchase of goods by your organisation . For e.g. Raw materials . It is calculated on the sale price . The sale price is different for different states as the provisions are different in every state . Interest is levied when the excessive VAT payable is not paid within prescribed preiod of time . Interest is levied at 1.25 % or 2.50 % in some cases . Penalty is levied when the VAT return is not filed within prescribed period of time . The presribed period is 21 st of the following month . It is levied at 1/10 th of the turnover of sales . Again the meaning of turnover differs .
Excessive VAT is when the output tax collected is more than the input tax paid .
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