+91-7206070155 Is it mandatory to put HSN code in invoice?

Is it mandatory to put HSN code in invoice?

In its notice about the HSN Code requirement, the Central Committee for Indirect Tax and Customs amended that all firms with a turnover of above 50 lakh rupees per annum were obliged to report the HSN Code. Under the new CBIC notice dated 15.10.2020, all owners of business are obliged to disclose the HSN code under the GST independently of their turnover. In this post we will talk about the modifications made to the HSN Tax Invoice Code required under GST (Goods and Service).

What is an HSN code?

HSN is a six-digit harmonizer code designed by the World Customs Office (WCO) to categories 5000+ items. HSN is a ‘harmonized system of nomenclature.’ The HSN code entered into force in 1988 and is internationally recognized. The HSN has been established to make it easier to systematically classify products worldwide.

Amendment done under GST in HSN Code

• The CBIC has notified the Commission of the HSN Code for the TAX Invoices of goods and services via Notification No. 78/2020- Central Tax dated 15.10.2020, w.e.f 01.04.202, which was required.
• This HSN Code statement is made regardless of turnover.
• In B2B Tax Invoices for taxpayers with aggregate sales of up to INR 5 crores in the last financial year, the 4 digit HS Nuclear Services Code is necessary.
• But for B2C Tax Invoices, i.e. supply for the non-registered, an optional four-digit HSN code for goods and services may be specified when the total turnover in the preceding financial year is up to 5 crores.
• Furthermore, B2B and the B2C tax invoices are obligatory for taxpayers with aggregate revenue greater than Rs. 5 Crores in the preceding Financial Year.

Penalty of not mentioning HSN code on GST invoice

The penalty of INR 50.000 /- (INR 25000 /- for CGST and SGST respectively) shall be imposed when the incorrect HSN code is not mentioned or mentioned under the Goods and Service Tax Act.

Conclusion

The HSN code must be referred to in a logical and systemic way in order to categorize products worldwide. This not only establishes a system but also ensures standard product and service classification and enables international trade.

https://pcdpharmafranchisecompany469839003.wordpress.com/2021/07/27/91-7206070155-is-it-compulsory-to-mention-hsn-code-on-gst-invoice/

+91-7206070155 Is there GST on medicines in India?

 Is there GST on medicines in India?

India has a vast pharmaceutical industry and that holds a great future too. But after the implementation of GST in2017 every industry got affected and suffered a huge loss. The same applied to the medicines and pharma industry too. But the question arises that how much GST is applicable on medicines? Before answering this question let’s find out is GST applicable on medicines?

Is GST applicable on medicines?

The answer is yes! GST is applicable on medicines and pharma industry too. You have to pay some amount as GST on Medicines and Medical Supplies in India. Therefore, it is not recommended to buy pharmaceutical products from those retailers who don’t provide you the printed invoice of the products.

How much GST on various pharmaceutical products?

For medicines and medical services the GST rates are applied in the four phases that are NIL, 5%, 12%, 18%.

NIL rates of GST

On blood and its biproducts and all contraceptives

5% GST on medical products

On life saving medicines like vaccines, and medicines for tuberculosis, malaria, hepatitis, etc.

12% GST

12 per cent of tax is payable on drugs produced for medicinal or preventive applications by combining two or more components. All ayurvedic, homeopathic, universal or biochemical medications are also included. Also included in this category is medical equipment such as bandages, latex gloves, surgical and dental equipment, etc. This implies you may save up to 5-12 percent of your purchase value against incumbent GST on most items purchased using GST credit.

18% GST

The highest amount of GST of 18% is charged on the medicines and medical products that contains nicotine proletariat; for e.g. Nicotine gums

Pharma Franchise for Nutraceutical Products and Medicines | Products Range

Pharma Franchise is now increasing day by day. And with monopoly rights in states and cities, everyone thinks it’s the end for it. But wait, is it right!! No, now bio shine healthcare presents you with a completely new Nutraceuticals Pharma PCD Franchise. Here, you will get complete monopoly rights for Nutraceuticals products in your city. Bioshine Healthcare is one of the renowned PCD Pharma Franchise companies. We have WHO-GMP certified Units for manufacturing our own drugs. Bioshine Healthcare is ISO 9001–2015 certified company in India. Our headquarters is based in Haryana.

Our Manufacturing unit is one of the finest units for manufacturing nutraceuticals drugs. Bioshine Healthcare is on a mission to provide every individual better Pharma products at reasonable cost additionally, to provide our distributors best margin for Nutraceuticals products. If you are interested in PCD Pharma Franchise for then you can call us at +91–7206070155 or email us at info@bioshinehealthcare.com.

Supported by world-class production and industry knowledge, Bioshine Healthcare Pvt. Ltd. is a fast expanding company that provides exceptional opportunities for Nutraceuticals Pharma PCD Franchise for those seeking to start up their own business. We are ready to cover a large part of the country, and we can still offer you this franchise opportunity, no matter which part of the country you come from You have come to the right place if you are already looking for a Nutraceuticals Pharma PCD Franchise to start a company in the pharmaceutical industry. We offer everything from high-quality Nutraceuticals Pharma PCD Franchise, visual aid to live order tracking services to promotional material.

Qualities Help Make Us Compete With Huge Nutraceuticals Pharma PCD Franchise Companies In India:

• Packaging — All of our customers value our items for packaging that is equal to pharmaceutical giants. Every element is perfectly crafted from strips to boxes.
• Large Area — All our customers value our packaging goods, which is regarded equal to the pharmaceutical giants. Each element is beautifully laid out, from strips to boxes.
• GMP Standards Compliant — All of our goods meet the criteria set for confidence building amongst our customers by organizations like GMP.

In providing the Nutraceuticals Pharma PCD Franchise company we are a recognized name. Take this chance of Nutraceuticals Pharma PCD Franchise to complete the form.

Benefits of Taking Our Nutraceuticals Pharma PCD Franchise:

• Monopoly Right — In the region you are allocated, you can utilize our trademark and brand name and you would be entitled to monopolize.
• Extensive Portfolio — In order to satisfy the needs of our clients, we provide a wide product selection.
• Quick Delivery — We are recognized for our fast shipping and you should never wait till the items come to you in time.
• Established Brand — We are a well-established pharmaceutical brand and our franchise would stimulate your corporate aspirations.
• Promotional Material — Our company also provides you with promotions for sales and earnings.
• Attractive Packaging — The items are beautifully packaged and this has played a decisive role in our market dominance. By cooperating with us, you may also profit from these perks.

You may use our Nutraceuticals Pharma PCD Franchise Opportunity by calling us directly or filling out the form.

Top Nutraceutical Manufacturers In India | Third-party Manufacturers

Bioshine Healthcare Pvt. Ltd. is a well-known company in India as the Nutraceutical Products Manufacturer. The production of these Nutraceutical Products is helpful in many ways. You may make use of the newest production technologies and also make greater use of the resources you save. You do not have to worry about the logistical problems related to the production of these items when you receive assistance from Nutraceutical Products Manufacturer. We take a detailed approach to the production, composition, quality testing, and precise packaging and labeling of drug goods. For any sort of pharmaceutical items, you may use these services.

Why Choose Our Nutraceutical Products Manufacturer- PCD Pharma Franchise for Nutraceuticals Products

• High Production Capacity — Due to the great production capacity of our factory, we are able to handle enormous orders within a short period of time.
• Trusted — All products are produced in a WHO accredited facility in accordance with GMP regulations. Therefore, you have no quality requirements to worry about.
• Order Tracking — You may monitor the order live on the websites of the relevant supplier once the order is shipped.

Need for Nutraceutical Products Manufacturer

When we check past record for Nutraceutical, then we found that in India that 6 out of 10 children is suffering from illness due to nutrition deficiency. Not only kids but also senior citizen is also suffering from the same illness. It is about our next generation; this is the reason why we look into Nutraceutical Products Manufacturing at Bioshine Healthcare. Bioshine Healthcare is one of the best PCD Pharma Franchise companies in India. If you are looking forward to working with Bioshine Healthcare then you can give us a call at +91–7206070155 or email us at info@bioshinehealthcare.com.