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Pharmexcil to hold interactive session on GST for exporters in Hyderabad on Nov 3
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Our Bureau, Hyderabad
November 01 , 2017
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Though the Goods and Services Tax (GST) bill passed by the central
government has given some relief to pharma sector from the hassles of
multiple tax regimes by streamlining the taxation system into a uniform
tax, the industry is still feeling that there are issues that are
disturbing them.
“No doubt, GST is a revolutionary reform with
regard to abolishing multiple taxation. But when it comes to
implementation, manufacturers and exporters are facing procedural and
policy issues. To address these issues we are organizing an interactive
meeting with members of GST Commission from Hyderabad on 3rd November.
All members should utilise this opportunity to get their doubts cleared
on GST,” informed Raghuveer Kini, executive director of Pharmexcil.
According
to experts, since the launch of GST from 1st of June, the input costs
for the pharmaceutical manufacturing companies have increased due to
imposing of GST on raw materials. “Since the launch of GST,
pharmaceutical companies are paying more in manufacturing cost as raw
material costs have gone up by 7 per cent. However the output costs are
remaining same as there is no change in the Maximum Retail Price (MRP)
of the product. This is causing loss for the companies,” said Jayanth
Tagore, Ex-BDMA President.
Having received many complaints and
suggestions relating to GST from member exporters, Pharmexcil has
brought the same to the notice of the GST Council and Local GST
commissionerate members in Hyderabad. And Pharmexcil has decided to
conduct an interactive meeting to alley all the doubts regarding GST.
“Though already the GST Council has addressed some issues, there are
still some policy as well as procedural issues to be addressed,
particularly on exports front,” said the ED.
Mr. P Naresh
Penumaka, Principal Commissioner, GST Commissionerate, Hyderabad is
expected to take part as the Chief Guest of the meeting. The interactive
event is expected to be conducted at Forum-I at Aditya Park Inn at
Ameerpet in Hyderabad. Interested members can register their names
before 1st November 2017.
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