Impact on Pharma
“The rates announced by the GST Council for pharmaceutical products is broadly in line with the expectation of the Industry. While most of the pharma products are placed at 12% rate, a lower rate of 5% for some life-saving drugs is a welcome move”.
Impact on financial services sector and telecom
“As against the expectation of the industry, the increase in the GST rate for telecom and financial services sector from 15% to 18% will increase the cost to the consumer.”
“Toy industry will see a negative impact due to increase in the GST rate to 12 percent. Presently, the toys falling under tariff entry 9503 are exempt from excise duty. Also, a differential rate of 18% is specified for electronic toys which could lead to litigation as to what would constitute an electronic toy.”
“The electrical products such as switches, relays, fuses, surge suppressors, plugs, sockets, lamp-holders, and other connectors, junction boxes have been classified under 28 percent category which is primarily for demerit goods. These electrical products are in general industrial inputs and basic necessity for household products and levying a GST at 28% is not a welcome move for the industry.”
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