GST-Pharmaceuticals dealers - information-reg.

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....unding is 5% of MRP. The MRP means maximum price printed on the package of any goods, for which goods are sold to the ultimate consumer. 2. The subsequent registered dealers are exempted from payment of tax if, he has purchased medicine from (a) an importer or manufacturer who had opted for compounding or (b) a registered dealer, who purchased medicines or drugs in which tax has been paid on MRP in the State at the time of purchase or on earlier sale. Moreover, the dealer shall be entitled to recover from the buyers the amount already paid by him at the time of sale of medicine. 3. In case of dealers who deals in medicine and other goods, simultaneously, he can opt for presumptive tax for other goods. The to....

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....d drug dealers are liable to take registration even though their aggregate turnover is below Rs. 20 lakhs per year (as mentioned in point No.5). Persons making Interstate outward supply. ⚫ non-resident taxable persons making taxable supply. • persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise. 7. A registered person in Drugs and medicines, whose aggregate turnover in the preceding financial year did not exceed Rs 75 lakh, may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed. The prescribed composition rates are (a) two per cent (1% CGST + 1% SGST) of the turnover....

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....g the aggregate turnover for the purpose of composition scheme. An example in this regard is given below to clarify composition scheme. Transactions of Registered Person 'A' for the year 2017-18 Rs. In lakhs Turnover of Medicines and drugs 50 Turnover of other goods (Health 30 drinks, Tooth paste, Powder etc.) Total Turnover 80 In the above case, the dealer is not eligible for compounding because the turnover of medicines and drugs is also taken for computing his aggregate turnover, which is 80 lakhs. 11.A registered dealer who has opted for composition scheme shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax. 12. Public....

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....tails in the FORM GST TRANI 14. The dealers as stated above, if having duty paid documents, will be entitled to get 100% credit on excise duty paid as well as VAT paid. If duty paid documents are not there then dealer will be entitled to get 40% of credit on excise duty paid upon furnishing the details as stipulated Section 140 of CGST ACT/SGST Ordinance read along with 117(1) (Transitional Rules). It further stipulates in Section 140 (3) "provided that where a registered person, other than a manufacturer or a supplier of services, is not in possession of invoice or any other documents evidencing payment of duty in respect of inputs, then, such registered person shall, subject to such condition, limitatio....