GST 2.0: What experts and industry leaders said on the impact of healthcare

The Goods and Services Tax (GST) reforms, which took effect today, will make life for the masses easier as far as expenditure is concerned, experts said on Monday. Experts and industry leaders welcomed GST 2.0, highlighting its impact on essential goods, healthcare, and nutrition. Amaresh Ojha, co-founder and CEO of Trovex.ai, said that GST 2.0 will providea fillip to traditional industries. He said that the reforms will make way for innovation.

"It makes daily life a bit easier on the pocket, while also giving a push to homegrown manufacturing and traditional industries. At the same time, it opens doors for innovation, better healthcare, stronger education, and smoother mobility. Put together, these changes show that India wants a tax system that's simpler, fairer, and focused on growth, with the country's young generation right at the center of this journey," Ojha said.

Anotherexpert said that the healthcare sector is among the biggest beneficiaries of the GST reforms.

Mithun Majumdar, CEO of 750AD Healthcare Pvt Ltd, said that the government has reduced GST on most medicines and medical devices from 12-18 per cent to 5 per cent. He said that it has also made 33 life-saving drugs tax-free.

"The government has taken a bold step toward ensuring affordable healthcare for all. These changes will guarantee wider access to essential care and reinforce India's commitment to health equity. We urge that all stakeholders -- manufacturers, hospitals, pharmacies, insurers -- swiftly translate these policy shifts into real, visible relief at the last mile," Majumdar added.

Suresh Garg, MD & Founder of Zeon Lifesciences Ltd., stressed the positive impact on the nutrition and wellness industry.

"Now, with simpler and fairer rules, lower taxes, manufacturers and CDMO partners like Zeon Lifesciences can spend more time on research, building modern factories, and creating world-class products. It also makes health and nutrition more approachable and accessible for everyone," he said.

GST 2.0

The central government has eliminated the 12 per cent and 28 per cent GST slabs. It has put most of the items in these categories into the lower 5 per cent and 18 per cent slabs. Most of these goods and services are expected to get cheaper, as the government has asked companies to pass on the GST benefits to the masses.