New Delhi [India], September 4 : Commerce Minister Piyush Goyal today said that the latest reforms in the Goods and Services Taxes (GST) in the Pharma sector are huge demand boosters and will benefit both the industry and the end consumers.
"The latest "transformative reforms" were announced in the GST in the Pharma sector which will not only act as "huge demand booster" but will also result in huge savings," the minister said while addressing the Bharat Nutraverse Expo 2025.
On Wednesday, GST on drugs and medicines was reduced from 12 per cent to 5 per cent. The GST on various medical apparatus and devices used for medical, surgical, dental, or veterinary purposes, or for physical and chemical analysis, has also been reduced from 18 per cent to 5 per cent.
"It will give tremendous boost to consumption. You don't imagine the greater degree of sales that you can aspire for. You will get better business opportunities," the minister said.
"People of India are becoming more conscious about their health and we will make them available high quality products," the minister added.
Piyush Goyal also asked the industry to pass on the benefits of the GST reforms to the end consumers.
"I request to all (the Pharma industry) that every single rupees saved due to GST reduction is passed on the consumers," he said.
He emphasized that when such products reach every corner of the nation, they embody not only economic value but also national pride and self-reliance.
"Bharat ki mitti me banaya hua, Bharat k khoon pasine se bana hua jab duniya k kone kone me jayega to iski baat hi kuch aur hogi (There is a need to support products made with the sweat and toil of hardworking Indians, products nurtured in the soil of India," he said .
The minister also joined the CEOs Roundtable at the 11th Edition of iPHEX at Bharat Mandapam, where he thanked the PM for ushering in GST reforms.
"Our pharma industry has stood tall, weathering global challenges & helping India emerge as the 'Pharmacy of the World'," Goyal tweeted on his social media handle X.
"The applause says it all. The pharma industry thanked PM Narendra Modi ji for his visionary next-gen GST reforms that are set to make healthcare more affordable," Goyal said in a separate social media post.
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