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GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax and almost 23 types of indirect taxes have been abolished. It was introduced so that the taxpayer doesnâ??t have to pay a lot of different non-direct taxes 23 and one can pay the single unified GST once. GST is an indirect tax Structure designed to game-changing reform for the Indian economy and growth of our country. GST will be the best example of co-operative federalism. This reform will promote â??Make in India,â?? help exports and thus boost employment while providing enhanced revenue.â? The GST Rates for medicines were decided by the GST Council in the meeting held on 3rd June, 2017 Medicines and pharmaceuticals are classified under the 37th chapter of the HSN Code. As per the councilâ??s decision, GST is levied under five different rates, namely NIL, 5%, 12%, 18% and 28% based on the HSN code of the item. It has benefited to Pharma sectors and make the taxation easier as compared to the current taxation system. The proposed study is designed to know the impact on GST on Pharma Sector. The Study is Exploratory in nature and Secondary Data has been used for the study. The data will be collected from different Journals, Periodicals, Newspapers and Internets....
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