Impact of GST on Indian Health Care Sector
Health care is one in every of the quickest growing sectors of the Indian economy with voluminous potential in terms of revenue and employment. Health care could be a wider term that chiefly includes pharmacy, medical devices, medical insurance, diagnostics and different parts of medical aid. The health care sector in India has struggled for long with multiple health indicators, as well as high maternal mortality rate (MMR), high infant mortality rate (IMR) and low life expectancy rates. However, matters have drastically modified over the years and therefore the health care sector is quickly conducive to each employment likewise as revenue. It's expected to become older to Rs. 1,230,800 large extent by 2020 from Rs. 669,500 large extent in 2015 at a Compound Annual Rate of Growth (CAGR) of thirteen per cent. what is more, the health expenditure is probably going to continue growing preponderantly because of the twin malady burden, rising health awareness, increasing income and growing population. India spends solely 4.7 per cent of the whole Gross Domestic Product (GDP) on. The GST goes to have an effect on all the parts of health care in varied ways that. After all, one doesn't value more highly to fall sick, thus implementing GST on health would are adding salt to the wound. people who primarily use public health services needn't worry as these don't seem to be subjected to tax in the least. However, the many majority WHO use non-public health facilities within the country, as well as shopping for their own medicines from retail pharmacies, can currently have to be compelled to seriously rethink their budget. The implementation of GST also will have a big impact on non-public health facilities like hospitals and clinics.