Medical Technology Association of India (MTaI) is happy to note that the GST rates for lenscare solution have been reduced by the government from 28 percent to 18 percent. We consider this a positive movement forward and in line with the recommendations we made. This begins the process of removing the rate anomaly and we are much thankful to the GST Council and Government for the same. We hope that eventually these rates would be further reduced to 12 percent slab in alignment with Contact Lens GST rate as that would augment consumer adoption of this product.
We also acknowledge with thanks the correction made to the HSN classification for Intraocular lens in line with the internationally accepted code at the behest of representations made by MTaI, as the industry has been facing challenges in clearance of goods from customs and was having to pay an undeserved Basic Customs Duty of 2.5 percent.
These are steps in the right direction, ironing out the creases in the implementation of GST. This will go a long way to help restore business confidence, lower the prices for consumers, while at the same time facilitate ease of doing business for the trading community by way of reduced compliance requirements and associated costs. The Government has signaled willingness to make GST successful and we hope to see more such confidence-building measures being announced by GST Council in other areas related to transition and rate fixation in consultation with Industry/Trade bodies. MTaI is constantly engaged with the GST Council in this regard. – Medical Buyer Bureau