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Ahead of GST Council Meeting, Chemists Urge Tax Cut on Medicines and Essential Drugs
Ahead of the upcoming GST rate rationalization and the GST Council meeting, the country’s drug retailers have written a letter to the Finance Minister. The All India Organisation of Chemists and Druggists (AIOCD) has appealed to bring all medicines, supplements, probiotics, and baby food under the 5% GST slab.
The association has also demanded that life-saving drugs be given complete GST exemption. Currently, medicines attract 12% GST, supplements fall under 18% GST, while life-saving drugs are taxed at 5% GST. At present, only vaccines are fully exempt from GST. The chemist association’s demand is to categorize medicines as “essential items” and make them more affordable.
Meanwhile, reports suggest that citizens could get a GST reduction gift ahead of Diwali. To ensure that the benefits of GST reforms reach people quickly, the government is in action mode. According to sources, the GST reform decisions could be implemented before September 22. CNBC-Awaaz’s Alok Priyadarshi, citing sources, said that GST rate cuts may come into effect from September 22, with all decisions of the GST Council being implemented by then.
Several industries, including the auto sector, have demanded that the GST cut be implemented before Navratri. Industry leaders fear that if the reduction is not rolled out soon, festive season sales could be affected, as customers may delay purchases in anticipation of lower prices.
The auto industry has also demanded a resolution of issues related to the Input Tax Credit (ITC) process. The GST Council meeting, scheduled for September 3 and 4, is expected to take major decisions.
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