Pre and post impact of GST on medicines: Retailers’ perspective

Abstract

GST is known as the Goods and Service Tax levied to improve economic condition of nation. The implementations of GST have impact on the entire sector including the pharmaceutical industries. The GST Rates for medicines were decided by the GST council. GST is levied under 5 different rates, namely NIL, 5%, 12%, 18% and 28% based on the HSN code of the item. The general statement is GST is positively impact on the Indian Pharmaceutical Industries via the four different taxes levied on the medicines and it reduced the cost of production and it helps to business daily operations. Retailers are supplying medicine to the ultimate customers from manufacturers; but the medicine retailers’ survival depends on Government rules and regulation. To trace out the reliability of the statement “GST makes some positive impact and some negative impacts” the researchers have chosen the research area entitled “Pre and Post Impact of GST on Medicines: Retailers’ Perspective”. The researchers to attain the objectives, the primary data collected from 67 retailers by adopting Convenient Sampling method with help of structural questionnaire. Garrett Ranking Techniques has been adopted to prove the result qualitatively as well as quantitatively.