MTAL rejoice over slashing GST rates for lenscare

 

The Medical Technology Association of India (MTaI) has expressed happiness over the slashing of GST rates for lenscare solution by the government from 28% to 18%. 

While terming it a positive movement forward and in line with the recommendations the MTal made, they expressed hope that the process of removing the rate anomaly would continue further. 

In fact, they expect eventually these rates would be further reduced to 12% 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%," the MTaI said in a statement.

In their statement, they expressed hope that the slashing of the GST rates 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," they said in the statement.