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Tuesday, May 23, 2017

Goods and Services Tax on Homeopathy Medicines will be lower than the present tax incidence from July 2017

The roll out of Goods and Services (GST) Tax will bring benefits to the consumers due to reduced tax rates on various commodities such as medicaments and medical devices, including surgical instruments.

There will be lesser tax burden in case of Medicaments, including Ayurvedic, Unani, Siddha, Homoeopathic or Bio-chemic systems. Medicaments, in general, attract 6% central excise duty and 5% VAT. Further, CST, octroi, entry tax, etc. are also applicable in general. At these rates, the present total tax incidence works out to more than 13%. As against this, the proposed GST rate on medicines, including ayurvedic medicines, is 12%.

Similarly, medical devices, including surgical instruments, in general, attract 6% central excise duty and 5% VAT. Along with CST, octroi, entry tax, etc., the present total tax incidence on them works out to more than 13%. As against this, the proposed rate under GST is 12%.
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Item Reviewed: Goods and Services Tax on Homeopathy Medicines will be lower than the present tax incidence from July 2017 Rating: 5 Reviewed By: Dr.Ameer CT