GST 2.0 Reforms On Lifesaving Medicines Will Make Healthcare Better, Say Consumers

(MENAFN- IANS) New Delhi, Sep 25 (IANS) The latest rationalisation of Goods and Services Tax (GST) on lifesaving medicines will have a good effect and make healthcare better, said consumers on Thursday.

Early this month, the GST Council reduced the GST on lifesaving medicines and medical devices to 5 per cent from 12 per cent.

With the GST rationalisation, most medicines, earlier taxed at 12 per cent, will now attract just 5 per cent GST.

In addition, 36 critical life-saving drugs for cancer, genetic and rare diseases, and cardiovascular conditions have been fully exempted (0 GST). The GST Council has also rationalised tax slabs on health and life insurance premiums, glucometers, and corrective spectacles.

“Prime Minister Narendra Modi has done a very good job in this sector,” said Subhash Chandra, from Uttarakhand's Haridwar, told IANS.

Chandra said that he came to buy medicines, and“got it for 6.5 per cent less amount”.

“Earlier, buying medicines was expensive, but now we get them for a cheap price. PM Modi has done a good job. Many poor people have got relief from this,” he added.

Ashwani Kumar, a Haridwar-based pharmacist, told IANS that the reduction in GST on lifesaving medicines will have a good effect on healthcare.

“Earlier, medicines used to have 12 per cent GST. Now, the life-saving medicines have 5 per cent GST. So, the maximum medicines will have a margin of 6.25 per cent from MRP,” Kumar said.

“The life-saving medicines, such as those for cancer and HIV, have been made tax-free by the government. So, people who were suffering from such serious diseases have been given a lot of relief by the government,” Kumar said.

“This step taken by the government will have a very good effect,” he said, while thanking PM Modi for the "good work” which will“prove to be a milestone in the health sector”.

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