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North Ayurveda cos urge govt to make reduced GST rate for all products

Our Bureau, Chennai
Wednesday, October 11, 2017, 08:00 Hrs  [IST]

While appreciating the GST Council for slashing tax rate on classical Ayush formulations, manufacturers of proprietary/patented medicines in North India want the finance minister to apply the reduction in GST for all ayurvedic products without classifying them as into classical and branded.
 
“We would like to request the government to reduce the GST from 12% to 5% across the board. Proprietary/patented ayurvedic formulations have a huge market not only in India but also across the globe. It would be prudent to say that this reduction in GST from 12% to 5% should also be made applicable for patented/proprietary drugs”, said Sanjay Srivastava, director of Maharishi Ayurveda Products Pvt Ltd, New Delhi.
 
He told Pharmabiz that GST reduction only for classical medicines would not help the traditional medical industry in the country. The proprietary drugs, though they are branded ones, are also traditional medicines made out of medicinal plants and herbs. India’s traditional drugs got popularity across the globe mainly due to the marketing of branded products and their quality and efficacy are well proven.

Srivastava has pointed out that the present reduction will help only the small and medium scale Ayurveda units. Government has not considered this relief for medium and large scale industries. They are not only manufacturing classical products but also proprietary drugs, so the government must have plans to help such industries also.
 
He said the manufacturers of Ayurveda medicines in North India will soon approach the union government with a request to make the reduction in GST rate applicable to all.

 

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