Manufacturing of teicoplanin and caspofungin under drugs & medicines must levy a 5% Goods and Service Tax, the Telangana Authority for Advance Ruling(TAAR) has ruled.
The petitioner Stanex Drugs & Chemicals Private Limited is one of the fastest developing pharmaceuticals in India, It was founded in the year 2004 and has seen unparalleled development and is active in developing, Manufacturing & Marketing of Domestic and Export comprehensive range of pharmaceutical formulations like assmall value parental.
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The petitioner asked for an advance ruling toward the Determination of the liability to file the tax on any goods or services or both Teicoplanin and Caspofungin.
On behalf of the applicant Nitya Kamireddy, Director, and Sri M.V.L. Narasimha Rao, Advocate contended that the M/s. SDCPL the manufacturing of the aforesaid products are levied to tax at a 5% rate under entry No.180 ( List -1 Entry No 103 ) 181, 181A Schedule – 1 of the Notification 01/2017 Central Tax Rate on 28-06.2017 Drugs and medicines, formulations and Medicaments comes under HSN code 3002 and 3004.
The two-member bench of the Authority of Advance Ruling comprising S.V. Kasi Visweswara Rao (Additional Commissioner Commercial Taxes) and Sahil Inamdar, I.R.S(Additional Commissioner Custom & Indirect Taxes) marked a 5% Goods and service tax that is required to be levied for manufacturing of teicoplanin and caspofungin under drugs & medicines.
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