The Union Budget for the upcoming financial year is all set to be presented on February 1, 2025, by Finance Minister Nirmala Sitharaman. According to reports, the Narendra Modi government may consider slashing income tax for individuals earning up to Rs 15 lakhs per annum and extend the tax relief bracket in a bid to provide relief to the middle class and boost consumption.
Ahead of the Budget, an industry expert said, “We believe the upcoming budget holds significant potential to support the growth of the health and fitness industry. We hope for measures that reduce import duties on high-quality nutritional supplements, making them more accessible to consumers. Self-care, preventive healthcare and holistic wellness have taken centre stage with a growing awareness around nutrition and building immunity among consumers.”
He explained: “Nutrition is becoming mainstream and people are migrating to healthier choices, hence driving the dietary supplements market now to fulfil their nutritional gaps. Hence to give impetus to the overall dietary supplement industry, we hope that the government will cut GST on healthcare supplements from 18% to 5% in the upcoming Union Budget.”
He continued, “This would also help in making these products affordable and accessible for all and help boost the healthcare agenda of the government, which is the need of the hour. Additionally, tax incentives for wellness and fitness businesses would not only stimulate entrepreneurship but also encourage a healthier lifestyle among Indians.”
