What are the Impacts of GST on Pharma Products Price

The primary objective of GST was to reduce the cascading effect and corruption while taxations. These taxes are liable by the central government and state government of India in the condition of form C availability and non-availability. Form C is the legal document.

Name of Pharma Product that has GST Rate under 5%

Following are the products range that has 5% GST Rate:

  1. Cyclosporin
  2. Desferrioxamine Injection or Deferiprone
  3. Animal or human Blood Vaccines
  4. Hepatitis Diagnostic Kit
  5. Drugs or medicines
  6. Oral Rehydration Salts

Medicine under 12% GST Rate

  1. Following are the medicine that has 15% GST Rate:
  2. Bandages
  3. Wadding Gauge
  4. Ayurvedic Medicine etc

Impact of GST on Pharma Industry

GST was especially entered into the market to impact the different industries. Pharma Industry also got an impact.  Numbers of the company experienced positive effect of GST but some industries suffer adversely. We have mentioned some of the impact of GST on Pharma Industry.

  • Under the effect of GST, the cascading was removed
  • Due to the transparency in taxation, the corruption seems to decrease
  • GST has made one market for different companies
  • Pharma companies and manufacturers are giving maximum output due to low taxation in raw material
  • the price of medicines is down due the presence of input tax and output tax
  • The taxation system has transparency and companies ledger account become simple

Conclusion:

We wish you would get an idea about the GST impact on Pharma Prices. Medicines are the essential for everyone so the government is trying to minimize the effect of GST on Medicine. So everyone could afford it and the nation would be healthy. GST is meant to prevent black money so if it will impact the normal people then corrective action would take by the government itself.

 

 

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