Excise duty classification for penicillin and streptomycin clarified: streptomycin exempt, penicillin taxable; combined formulations subject to statutory duty. Formulations based on bulk drugs listed in the First Schedule to the Drugs (Price Control) Order are exempt under Notification No. 29/88-C.E., while single ingredient formulations from the Second Schedule attract basic excise duty. Streptomycin is exempt as a First Schedule entry; penicillin injections attract basic duty as a Second Schedule entry. Combinations of penicillin and streptomycin fall outside the exemption and must discharge the statutory excise rate; field formations and trade are to be notified and assessments revised or finalised with remedial action advised.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Excise duty classification for penicillin and streptomycin clarified: streptomycin exempt, penicillin taxable; combined formulations subject to statutory duty.
Formulations based on bulk drugs listed in the First Schedule to the Drugs (Price Control) Order are exempt under Notification No. 29/88-C.E., while single ingredient formulations from the Second Schedule attract basic excise duty. Streptomycin is exempt as a First Schedule entry; penicillin injections attract basic duty as a Second Schedule entry. Combinations of penicillin and streptomycin fall outside the exemption and must discharge the statutory excise rate; field formations and trade are to be notified and assessments revised or finalised with remedial action advised.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
