Vat

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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 .