Purchase of medicines by a pharmacy for sale
This query is : Resolved
Uday Kiran
(Querist)
15 October 2017
Suppose, apollo pharmacy is purchasing medicines at effective purchase rate which is less than MRP printed on such medicine's. Now, whether apollo pharmacy can take input of gst paid on medicines purchased at ERP?
CA Rashmi Gandhi
(Expert)
15 October 2017
Yes he can as same is used for furtherance of business.
Message likes :
1 times
Uday Kiran
(Querist)
15 October 2017
Thank you madam... for your valuable reply..
CA Rashmi Gandhi
(Expert)
17 October 2017
Welcome.....
31 October 2026
ITC is of the GST actually charged on the purchase invoice, whatever the MRP; note that from 22 Sep 2025 most medicines are taxed at 5% and certain life-saving drugs are nil-rated, and ITC attributable to such exempt sales must be reversed under Rule 42.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Visiting card purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
