GST-Pharmaceuticals dealers – information-reg.
C1-24614\/16\/CT Eoffice 11137\/17 Dated:- 15-7-2017 Kerala SGST
GST – States
Kerala SGST
Kerala SGST
PDF DOWNLOAD
\n=============
\nDocument 1
\nOffice of Commissioner,
\nKerala Goods and Services Taxes Department,
\nTax Tower, Thiruvananthapuram
\nC1-24614\/16\/CT Eoffice11137\/17
\nDated 15th July 2017
\nADVISORY – 2
\nSub: GST Pharmaceuticals dealers – information – reg.
\nAs many Pharmaceutical Dealers and their association represented various
\nmatters the following advisory is issued for information and awareness
\ngeneration.
\n1. In earlier VAT system, importers and Manufacturers in Medicines and drugs
\nare entitled for composition. The rate of compounding is 5% of MRP. The
\nMRP means maximum price printed on the package of any goods, for
\nwhich goods are sold to the ultimate consumer.
\n2. The subsequent registered dealers are exempted from payment of tax if,
\nhe has purchased medicine from
\n(a) an importer or manufacturer who had opted<\/p>\n
= = = = = = = =<\/p>\n
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\ntest
\nkits
\nspecified
\nat
\nS.No.180
\nabove
\nand
\nFormulations
\nspecified at
\nS.No.181
\nabove,
\nintended for
\npersonal use.
\nOther Drugs 12%
\nand medicines
\nintended for
\npersonal use
\n5. Under GST, the Medicine and drug dealers, whose aggregate turnover in
\na financial year exceeds Rs 20 lakh has to take registration. “aggregate
\nturnover” means the aggregate value of all taxable supplies (excluding
\nthe value of inward supplies on which tax is payable by a person on
\nreverse charge basis), exempt supplies, exports of goods or services or
\nboth and inter-State supplies of persons having the same Permanent
\nAccount Number, to be computed on all India basis but excludes central
\ntax, State tax, Union territory tax, integrated tax and cess.
\n6. The following types of Medicine and drug dealers are liable to take
\nregistration even though their aggregate turnover is below Rs. 20 lakhs per
\nyear (as mentioned in point No.5).
\nPersons making Interstate outward supply.
\n\u00c3\u00a2\u00c5\u00a1\u00c2<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nverified through electronic verification code, on the common portal,
\neither directly or through a Facilitation Centre notified by the
\nCommissioner and shall furnish the statement in FORM GST ITC-03 in
\naccordance with the provisions of sub-rule (4) of rule 44.
\nPage 3 of 7
\n9. Every registered person entitled to take credit of input tax shall, within
\nninety days of the appointed day, submit a declaration electronically in
\nFORM GST TRAN-1, duly signed, on the common portal specifying therein,
\nseparately, the amount of input tax credit of eligible duties and taxes, as
\ndefined in Explanation 2 to section 140, to which he is entitled under the
\nprovisions of the said section.
\n10. Unlike in VAT regime (The dealer can opt for compounding because, the
\nturnover of medicines and drugs are not reckoned for composition
\npurpose), in GST, the registered persons turnover of Medicines and drugs
\nshall also be taken for computing the aggregate tu<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nPage 4 of 7
\n13. With regard to availability of Input Tax Credit it is explained in the table
\nbelow-
\nVAT regime
\nGST regime
\nRemarks
\nRegistered VAT Dealer
\nOpting for composition No input tax credit
\nCompounding dealer
\nCompounding dealer
\nOpting for composition No input tax credit
\nOpting for regular
\nregistered dealer
\nRegistered
\ndealer
\nPage 5 of 7
\nregular Opting for regular
\nregistered dealer
\n100% ITC is eligible if
\ngoods in stock are
\npurchased from 1-7-
\n2016 and duty paid
\ndocument
\navailable
\nare
\nand
\nreflected in Returns.
\nVAT paid will be
\neligible for ITC.
\nEligible for 40% ITC if no
\nduty paid document,
\nand other stipulations
\nstated above and on
\nfurnishing the stock
\ndetails in the FORM GST
\nTRAN I
\n100% ITC is eligible if
\ngoods in stock are
\npurchased from 1-4-
\n2017 and duty paid
\ndocument
\navailable
\nare
\nand
\nreflected in Returns.
\nVAT paid
\nwill
\neligible for ITC.
\nbe
\nO
\nEligible for 40% ITC if no
\nduty paid docum<\/p>\n
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