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
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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