Acta Scientific Pharmaceutical Sciences (ASPS)(ISSN: 2581-5423)

Research Article Volume 4 Issue 4

To Study the Impact of GST on Pharmaceutical Companies with Special Reference to OTC Drugs - Retailers Perspective

Ayush Saraogi1*, Ankita Singh1 and Kaustubh Sontakke2

1Post Graduate Diploma in Pharmaceutical Management, S.I.E.S College of Management Studies, India
2Professor of Finance and Accounting, S.I.E.S College of Management Studies, India

*Corresponding Author: Ayush Saraogi, Post Graduate Diploma in Pharmaceutical Management, S.I.E.S College of Management Studies, Navi Mumbai, Maharashtra, India.

Received: February 26, 2020; Published: March 11, 2020

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Abstract

  Tax duty is an obligatory commitment to state income, imposed by the administration on labourers pay and business benefits, or added to the expense of certain merchandise, administrations, and exchanges. Tax is crucial to a country’s economy but if there is really high taxation it will lead to a recession as manufacturers ability to produce product decreases cause of the high cost of production and reduce in numbers of buyers which indirectly impacts the overall growth of the country. Goods and Services Tax is a value-added tax which was recently implemented in India. Hence it is necessary to understand its significant impact in Indian Economy. We have done this research to find out the impact of GST application on OTC products in the Pharmaceutical sector. This study is done in order to have a better understanding of the impact of this taxation system. The research done for this study is primary base research. Set of appropriate questioners was prepared and the survey was conducted in Mumbai area. Responses were collected from the chemists in those areas. Questionnaire were prepared as per the initial equipment of the survey. We had questions based on all the major segment of OTC products like Oral Powders, Tablets, Capsules, Ointments, Creams. From this segment, we took products which are well known in the market and have good number of consumers like Electral for Oral hydration, Soframycin topical cream for bacterial infection, Evion vitamin E capsule, Volini pain relief ointment, Crocin tablets for fever and pain. From the survey, we got which of the above segment of OTC was more affected. Also, understanding of which segment i.e. OTC or Prescribe drug were more affected by the introduction of GST. Chemists views with regards to the application of GST. Impact of GST on the buying pattern of Consumer. Change in buying pattern if GST percentage is increased or decrease by a certain percentage. We also took note of how many consumers did a chemist had per day. Chemist qualification, years of experience were also taken in considerations their understanding for changes which took place is more precise and also, they have a wide spectrum of knowledge so they are aware of future consequence that may occur.

Keywords:Pharmaceutical; Tax; Drugs; Prescriptions; Regulations; Healthcare

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Citation

Citation: Ayush Saraogi., et al. “To Study the Impact of GST on Pharmaceutical Companies with Special Reference to OTC Drugs - Retailers Perspective". Acta Scientific Pharmaceutical Sciences 4.4 (2020): 33-37.



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