GST on Medicine rate is high @ 12%
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Hitherto Medicines were taxed at 3.9% Excise duty and 5% VAT totalling 8.9%. Now under GST the tax on Medicines has been raised to 12% a net increase of 3.1%. In the old tax regime there were many areas where E.D was exempted ( in such cases the increase is 7%).
Taxing medicines is taxing sickness, however the government has not bothered and has gone about increasing the tax on 80% of the products (on sales value). The net effect is evident from the revised price list of leading pharma companies after GST.
Hence I request the Government of India and empowered committee on VAT to reconsider the 12%GST on medicines and restore the tax rate to 5% as on earlier tax regime.
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