GST 2.0 : Sharp drop in medicine and medical equipment prices

The recent revision in the Central Government’s GST rates has resulted in a significant decrease in the prices of medicines and medical equipment.

According to Genesis Enterprise, a well-known medical store in Mizoram, the reduction in GST has brought substantial relief to both retailers and consumers. Medicines that were previously taxed at 12% and medical equipment at 18% are now subject to a uniform 5% GST rate.

“This is a major reduction, and it has already made a noticeable difference,” said the owner of Genesis Enterprise in an interview. “While a few items have retained their previous rates, majority of medicines and equipment are now much more affordable. This change benefits not only medical retailers but also, more importantly, the general public.”