Financial Consultant with a leading
firm says, “The most valid and
positive aspect of GST is that, there
will exist a seamless input tax credit
system, which shall pose like a boon
despite all the enhanced costs.”
After all the new massive
overhauling requires massive effort
and some initial teething issues
can’t be rulled out. Hopefully, it
will take lesser time for the GST to
finally sink in.
INDIAN MEDTECH FIRMS REQUEST GOVT TO GO EASY
ON MEDICAL DEVICES
The Association of Indian Medical Device Industry
(AIMED) has asked the government to address the
issue of multiple tax slabs within the just rolled
out GST. While it thanked govt for reducing GST
rates for all IVD diagnostic kits and reagents (HSN
3822) from 18% to 12%, it has requested it to consider the same
for IVD Analyzers. Keeping all these in view, AIMED requested the
government to consider caping the GST slab to 12% for Medical
Devices bearing HSN 9027, 4818 and 9402 as is being applicable
on other Medical Instruments and Diagnostics listed in 9018.
The Medical Technology Association of India (MTaI) too voiced
its concerns. It believes that the new taxation law will eventually
lead to increase in the cost of medical devices. “The medical
device sector can expect a higher tax burden due to the proposed
GST rates, subsequently resulting in a higher cost burden to the
patients,” mentioned Mr Sanjay Bhutani, Board Member, MTaI,
adding, “The medical devices including surgical instruments,
therefore, will roughly have an additional tax burden of 4.5% to
1.3%.”
BIOVOICENEWS.COM
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