Visualizing impact of Goods and Service Tax on different corners of Pharmaceutical industry- A study of Jaipur District of Rajasthan

Abstract

Mr. Arun Gautam, Gaurav Lodha, Manish Vadera, Pawan Kumar Verma

In the history of Indian economy, GST is the leading taxation reform. Till now over 164 countries have implemented GST across the Globe. GST is supposed to be such legal system that considers the expenditure done by way of sale, manufacture and consumption of merchandise & services countrywide which mainly includes numerous companies, industries and services across the nation. GST is being imposed under 5 entirely different rates viz NIL, 5%, 12%, 18% and 28% supported by the HSN (Harmonized System of Nomenclature) code of the item. It is expected that GST will have a encouraging effect on the Indian Pharmaceutical Industries as it is presumed that decrease in the prices of medicines since eight completely diverse taxes area unit charged among the pharmaceutical industries supports in movement of business. There is a little negative impact to be neutralized besides some positive impact. A Drug management note is being issued to assure that the costs of great medicines area unit mounted in such the manner that they are going to be low-cost for everyone. It’s been supposed that GST is going to boost the effects on the Business Strategies of the Pharmaceutical Industry in India as a whole. It is further observed that the GST imposition will give a new pace to the Pharmaceutical industry of India by way of transparency and price optimization of the medicines.