New
Published on:
February 25, 2023
By
Harshini

Medicaments Mixed or Unmixed - GST Rates  HSN Code 3004

Medicaments are mixtures or preparations used for therapeutic or prophylactic purposes. The Indian pharmaceutical industry is one of the largest in the world, and contributes significantly to the country’s GDP. The government has taken several measures to boost the industry, including the introduction of the Goods and Services Tax (GST) in 2017. The GST rates and HSN code for Medicaments Mixed or Unmixed are important for the healthcare industry and need to be understood by business owners and startup founders operating in this space.

GST Rates for Medicaments Mixed or Unmixed

The GST rates for Medicaments Mixed or Unmixed fall under HSN code 3004. As per the GST council, the rates for medicaments mixed or unmixed are as follows:

1. 12% GST for Medicaments (including those used in Ayurvedic, Unani, Siddha, Homeopathy or Bio-chemic systems).

2. 5% GST for Medicaments (including those used in Ayurvedic, Unani, Siddha, Homeopathy or Bio-chemic systems), supplied by a hospital or dispensary.

3. 18% GST for Medicaments (including those used in Ayurvedic, Unani, Siddha, Homeopathy or Bio-chemic systems) supplied for in-patient treatment.

Understanding HSN Code 3004

HSN code 3004 is used for Medicaments Mixed or Unmixed. This code is used to classify goods for taxation purposes. It is a harmonized system used globally to classify goods based on their nature and composition. The HSN code for a product is determined based on its main function, ingredients, and other factors.

The HSN code for Medicaments Mixed or Unmixed is 3004. This code is applicable to all types of medicaments, including those used in Ayurvedic, Unani, Siddha, Homeopathy or Bio-chemic systems.

Conclusion

Understanding the GST rates and HSN code for Medicaments Mixed or Unmixed is important for business owners and startup founders operating in the healthcare industry. The rates and codes determine the taxes applicable on the sale of these products, and failure to comply with the regulations can lead to penalties and legal issues. Business owners and startup founders should consult with tax experts to ensure they are complying with all regulations and taking advantage of all available tax benefits.

Suggestions



Planning to Open a Grocery Store? how to choose a perfect location!
GST on Sale of Developed Plots by Landowner Before Completion Certificate
Top 6 Reasons to consider when you take personal Loan

Updated on:
March 16, 2024