Finance Minister Union Minister Nirmala Sitharaman will present Union Budget for financial year 2022-23 on February 1. Industry experts expect the Finance Minister to announce measures in the budget which will support the nascent economic growth which picked up in current financial year after witnessing sharp deceleration in the previous financial year.
Ahead of the Budget, the Finance Minister held a series of meetings with industry leaders and economists to gauge the mood of the economy.
Among many demands made by stakeholders of the economy, healthcare supplements makers expect the government to reduce goods and services tax (GST) on fitness supplements and nutritional products to 5 per cent from the current tax rate of 18 per cent.
"Since the coronavirus outbreak, people have become more aware of the importance of living a healthy life. Hence, the health & wellness sector underwent a massive change, owing to a striking shift in consumer demand. Self-care, preventive healthcare and holistic wellness have taken centre stage with a growing awareness around nutrition and immunity among consumers. It has become an important line of defence during the pandemic proving the dietary supplements sector to be a strong economic partner to the people. Hence to give impetus to the overall industry, we hope that the government will rationalise GST on healthcare supplements from 18 per cent to 5 per cent in the upcoming Union Budget 2022," said Praveen Chirania, Founder, Muscle and Strength India.
Lowering of GST on healthcare supplements will help reduce prices and make the products more affordable and boost the healthcare agenda of the government, Chirania added.
