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Kerala Forest Timber Purchase e-auction

We are purchasing only from Kerala Forest Department, now there are twenty nine timber depots all over Kerala. On November 2014 the auction system is changed to e-auction, and it is conducted by MSTC LIMITED, Bangalore. The flow chart shows the procedure.
Payment Schedule:
The 35% of the material value should be paid within 7 working days from the date of Acceptance Letter. And the remaining amount should be paid within 40 days for hardwood and 15 days for softwood from the date of acceptance letter.
Delayed payments for one month (30 days for hardwood) : 18% interest
Delayed payment for second month (another 30 days for hardwood) : 24%plus 2.5% surcharge.
Delayed payment for third month (another 30 days for hardwood) : 36%plus 5% surcharge.
Delayed payments for Softwood for First 15 days : 24%plus 2.5% surcharge. /td>
Calculation :
Material Value = Quantity * Rate
VAT = (Material Value * prevailing rate of VAT)/100
FDT = (( Material Value + VAT) * prevailing rate of FDT)/100
IT = ((Material Value + VAT + FDT) * prevailing rate of TCS)/100