Budget 2022 Expectations: Healthcare firms seek reduction in GST, import duties; ease in FDI rules

New Delhi: Finance Minister Nirmala Sitharaman is all set to present the Budget 2022 on February 1. With just a few days left for the Budget presentation, experts from several industries have put forward their requests. As far as healthcare is concerned, founders of healthcare companies and experts are seeking a reduction in GST and import duties, along with simplification of foreign direct investment (FDI) norms. 

Amit Sharma, Founder and CEO at eExpedise Healthcare said, “This year’s budget is crucial and we expect concrete policies, framework and investments for affordable and accessible healthcare from the government. One way the government can do this is through reduced GST on healthcare products and services by keeping life-saving drugs at the lowest GST bracket and having “zero-rating” of GST for health care services. 

“The government should work on the Private Public Partnership PPP model for better infrastructure, research & innovation to make quality healthcare affordable and accessible for the masses. We also are looking forward to more investment and planning on the National Digital Health Mission (NDHM). Targeted incentives and tax holidays should be given to the healthcare and allied sectors for making India as a leading destination,” Sharma added.

Meanwhile, Anika Parashar, Founder and CEO, The Woman Company, said, “The Union Budget should emphasise on Women wellness – especially menstrual hygiene. We already have tax exemption on sanitary pads, however, this could be extended to manufacturing and production. Further, decreasing import duties for raw materials could bridge the gap between supply and demand as well encourage more Indian manufacturers to start manufacturing biodegradable pads in the country.” 

“There should be policy level incentivisation for Made In India products, start-ups helmed by women and ventures that focus on sustainability and solving for women’s issues. The Government should promote the use of biodegradable menstrual products to bring down waste produced by plastic products – a figure which currently stands at a staggering 12.3 billion annually. We also expect the government to improve digital infrastructure in Tier II, III cities, and rural regions so that the next group of consumers can enter the D2C ecosystem,” she added.

Also, functional Nutritionist Mugdha Pradhan, CEO and Founder of iThrive, said, “The FDI investment process should be simplified, and taxation-related compliances should be kept to a minimum.” Also Read: Moved to a new house? Here’s how to change address in your Voter ID card online

“As the medical industry does not pay GST and wellness being a part of it, the GST rate for wellness services should be 5% rather than the current 18%. In terms of GST, the wellness industry should be on par with the business industry,” Pradhan added. Also Read: Phone storage full? Here’s how to create more space

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