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The pharmaceutical and medtech industries are worried about the impending Goods and Services Tax (GST) reforms as they expect the step to impact operating costs and working capital, straining their financial health.
In a move that could bring significant relief to India’s pharmaceutical sector, the Goods and Services Tax (GST) Council is likely to consider a clarificatory relief on the availability of Input Tax Credit (ITC) on free drug samples provided by pharma companies to doctors and hospitals.
The Directorate General of GST Intelligence (DGGI) is set to intensify the scrutiny of suspected tax evasion by pharmaceutical companies, over non-payment of dues.