Pharmexcil seeks aligning GST rates on formulations, APIs
Pharmaceuticals Export Promotion Council of India (Pharmexcil) has sought alignment of GST rates on both active pharmaceutical ingredients and formulations to reduce complexity and enhance compliance. Currently, formulations (finished medicines) are taxed at 12 per cent, while active pharmaceutical ingredients (APIs) are taxed at 18 per cent. “If formulations move into the 5 per cent…