New Delhi, 22 September (IANS). Medical devices and pharma industry experts on Monday appreciated the implementation of revised tax rates under GST 2.0. Experts say that this will make healthcare cheaper than before and will be easily available.
Earlier this month, the GST Council announced to reduce GST from 12 percent to 5 percent on medical devices.
In a post on social media platform X, the Association of Indian Medical device industry described GST reform as a healthy, strong and self -sufficient India in the direction of India.
The post said, “Thanks to Prime Minister Narendra Modi for reducing the GST rate on medical devices from 12 percent to 5 percent. With this step, medical devices will become cheap for every citizen.”
The post further stated, “This historical improvement will reduce the cost of treatment and the necessary healthcare technology will increase across India.”
The Association of Indian Medical Device Industry also promised that it will provide benefits to patients, hospitals and labs across the country by providing affordable, high-quality made in India devices.
With GST improvement, most of the drugs with 12 percent tax have now come under the purview of only 5 percent GST.
In addition, 36 important life -saving drugs have been completely exempted for cancer, genetic and rare diseases and heart diseases.
The GST Council has also revised the tax slab on health and life insurance premium, glucometer and glasses.
Indian Pharmaceutical Alliance (IPA) general secretary Sudarshan Jain said that this will save patients directly and reduce the burden on families.
Jain said, “These steps will bring a revolutionary change in the healthcare sector of India. This will directly save patients, reduce the burden on families, improve access to necessary care and strengthen healthcare security.”
He said the IPA, representing 23 major research-based companies, is fully committed to ensure that these benefits reach the citizens with rapid and transparency. Also, their mission of affordable and accessible healthcare for all proceeded.
-IANS
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