Delhi: Apollo Hospitals submitted its recommendations and requests for representation to the Ministry of Finance for consideration when preparing the upcoming annual budget for the financial year 2023-2024. The entry was divided into three categories, each of which addressed two key areas of concern: accessibility and affordability of healthcare.
While encouraging health-seeking behavior, Apollo recommended optimistic views such as the introduction of mandatory health insurance to ensure universal access to healthcareimproving the waiver of health insurance premiums, increasing the tax exemption for preventive health checks and expanding the Pradhan Mantri National Dialysis Program to all districts.
Apollo suggested points for the promotion of health care infrastructure and capacity building, but suggested that there should be no capital gains tax at the time of setting up a REIT/Business Trust, as well as for individual investors on the distribution of income through the REIT/Business Trust. In addition, Apollo requested that the Department grant healthcare providers the provision for 150 percent depreciation on new investments and infrastructure and allow accelerated depreciation charges. This allows hospitals to break even early and allows hospitals to return their earnings to new healthcare infrastructure investments. Other advisors in this category included a grant on investment in Tier 2 and Tier 3 cities; exemption from import duties for life-saving appliances; and a three-year extension for claiming EPCG credits as the COVID years impacted international travel.
While he exhorts about the VAT, Apollo recommended that the government be allowed to levy 5 percent GST on the composite service and allow input credit. This will be in the spirit of law and fairness and will reduce the burden on consumers. In addition, Apollo also requested a GST exemption for supplies of goods and services between headquarters and branches.
Speaking of the submission, Dr. Sangita Reddy, Joint Managing Director, Apollo Hospitals said: “Public-private partnerships are powerful drivers of community-based solutions for enhanced services. All recommendations are made to put the health of this nation and its citizens first.”
In addition to these three categories, Apollo also called on a special fund to promote medical value travel. The promotion of medical travel like the way other sectors are promoted can increase forex for India and also improve health care. In addition, the healthcare institution believes that a dedicated healthcare innovation and research fund can promote innovations of global standards and give India a leadership position in healthcare.