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EN
Chemists' Body Seeks Input Tax Credit Refund, Protection Period Amid GST 2.0 Rollout
['Parthika Patel', 'M. Pharm', 'Pharmaceutics']
Medical News, Health News Latest, Medical News Today - Medical Dialogues |
Mumbai: The All India Organisation of Chemists and Druggists (AIOCD), representing over 1.25 million chemists and distributors across the country, has warmly welcomed the historic GST 2.0 reform while simultaneously urging the Government to provide relief measures that will ease the transition for traders.
The reform reduces GST on medicines from 12% and 18% to 5%, while cancer and life-saving drugs have been made completely tax-free.
At the same time, the association has appealed for refund or adjustment of Input Tax Credit (ITC) on old stock to mitigate cash-flow pressures on traders.
It has also sought a 90–120 day protection period until new low-MRP stock becomes available, to protect chemists from penal action in case of inadvertent billing errors during the transition.
With over 1.25 million chemists serving 1.4 billion citizens face-to-face every day, AIOCD has affirmed that it stands shoulder to shoulder with the Government to implement GST 2.0 successfully and deliver its benefits directly to patients.
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