Expectations from the Budget 2017-2018 : Jagannath M.S, Chief Financial Officer, Columbia Asia Hospitals Pvt Ltd.

New Delhi, February 01, 2017: Healthcare services have played a major role in nation building. In the past few years, it has created jobs and have attracted patients from the world around. We have also seen many healthcare professionals coming back to India to work.

Healthcare services should be viewed from perspectives of Access/Availability, Affordability and Quality.

The root cause of issues is the high cost for providing healthcare services which results in long payback periods and hence limiting the investment. The limited insurance coverage also leads to inability for the healthcare buyer to pay for services.

We look forward to the Union Budget with a lot of hope. Some of our expectations include: 

• Healthcare should be classified under ‘zero percent’ GST, to enable it as affordable and also help rapid growth of the industry.

• Loweringof the cost of setting up healthcarefacilities via tax incentives by increasing the tax exemption period. Increasing the depreciation rates for Radiology and Lab equipment.

• Accredited hospitals should be given additional tax deductions as an incentive to improve the level of ‘quality’ in the healthcare sector

• Lowering of the cost of running healthcare facilities.The exemption or lowering of Import Duty / Customs Duty on life saving medical devices, consumables used with these devices and spare parts.

• Increase in the limit of exemption for premiums under health insurance cover because this will encourage people to buy sufficient health coverage for their family. Also health premiums should be at Nil GST rate to encourage wider subscription.

Corporate Comm India(CCI Newswire)