Goods and Service Tax Identification Number

Goods and Service Tax Identification Number, in short form GSTIN, GST number is a commercial license number required to conduct business in India. It is applicable at business having annual turnover above 40 lakhs Indian rupees or businesses involves in inter-state (from one Indian state to another Indian State) supply of goods and service at any annual turnover.
 
Goods and Service Tax is an indirect tax type applicable on supply of goods and services. It is divided into five different tax slabs i.e. 0%, 5%, 12%, 18%, 28%. Most of pharmaceutical products fall under 12% percent tax slab except few life saving drugs which come under 5% tax slab while some medical devices fall under 18% tax slab. Pharmaceutical printing material and pharmaceutical packaging material fall under 18% tax slab.

Check out: How to apply for GST number?

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