Exempt Healthcare Services From GST

Exempt Healthcare Services From GST

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India’s healthcare industry is one of the fastest growing sectors and in the coming 10 years it is expected to reach $275 billion. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep. Indian healthcare sector is much diversified and is full of opportunities in every segment which includes providers, payers and medical technology. With the increase in the competition, businesses are looking to explore for the latest dynamics and trends which will have positive impact on their business. However there are many issues that the industry needs from the government like tax benefits, incentives, increase in budget allocation etc. In the coming pages BioSpectrum is covering industry expectations of Healthcare and Medical Equipment, IVDs and Medical Devices sectors from the Union Budget scheduled on Feb 1, 2018.

Increase in Budgetary Allocation 

An increase in the budgetary allocation, which will improve the healthcare infrastructure and facilities, is the only way India can fight against diseases. Efforts should be made to increase the public spend on healthcare to 4% of GDP to meet the universal healthcare goals of the country.

Long Term Financing Option for Healthcare