There should be minimum tax on ayurvedic products: Acharya Balkrishna

Acharya Balkrishna, Chief Executive Officer, Patanjali Ayurved Ltd. Image Source: Twitter

After the GST Council fixed the tax rates on various products on Thursday, Patanjali Ayurved's chief executive officer Acharya Balkrishna told Zee Business that there should be minimum tax on ayurvedic products.

"...If there is no demand for raw material there won't be any supply, so it's important to keep ayurved at the lower end of the tax rate," Acharya said in an exclusive telephonic interview to Zee Business on Friday.

The GST Council in its two-day fourth meeting held in New Delhi on Thursday had announced a four-tier goods and services (GST) tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merit goods that would also attract an additional cess, PTI reported on Thursday.

Overall, the new tax system will provide relief for old and new businessmen, he added.

Watch the full interview of Patanjali's chief executive officer Acharya Balkrishna here-

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.