| Peethaambaran Kunnathoor, Chennai Monday, October 09, 2017, 13:10 Hrs [IST] |
Considering the representations made by the Ayurveda industry, the GST Council has slashed goods and services tax (GST) rates for the unbranded (classical) Ayurveda, Siddha, Unani and Homoeopathy medicines from the present 12% to 5 %.
The reduction in the tax rates has come for a total of 27 items including classical Ayush drugs and certain food preparations. Tax rate for food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central government or any state government, has been reduced to 5% from the present 18%. The decision to this effect came in the 22nd GST Council meeting held under the chairmanship of the Union finance minister on 6th October, 2017. According to industry sources, 90 per cent of the ayurvedic products now available in the market are branded ones (proprietary drugs) and this reduction will not fetch any good result to the industry as it will benefit only the classical drug manufacturers. |
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