NEW DELHI: Medical devices and pharma industry experts on Monday lauded the implementation of revised tax rates under GST 2.0, noting that it will make healthcare more affordable and accessible.
Early this month, the GST Council reduced the GST on medical devices to 5 per cent from 12 per cent.
In a post on social media platform X, the Association of Indian Medical Device Industry (AiMeD) called it a transformative step towards a healthier, stronger, and Atmanirbhar Bharat.
“Thank you, Prime Minister Narendra Modi Ji, for reducing GST on medical devices from 12 per cent to 5 per cent, making them more affordable for every citizen, ” the post read.
“This landmark reform will lower treatment costs and expand access to essential healthcare technologies across India, ” it added.
AiMeD also pledged to pass on “the benefits, ensuring affordable, high-quality, made in India devices for patients, hospitals, and labs nationwide”.
With the GST rationalisation, most medicines, earlier taxed at 12 per cent, will now attract just 5 per cent GST.