Budget 2011: OPPI demands customs duty exemption to notified life saving drugs
Organisation of Pharmaceutical Producers of India (OPPI) has demanded that customs duty be exempted to notified life saving drugs.
By Agencies |
NEW DELHI: Organisation of Pharmaceutical Producers of India ( OPPI) has demanded that customs duty be exempted to notified life saving drugs.
Reduction in import duty on medical devices would overall reduce the cost of treatment of patients and help in making available the best medical facility in India at relatively cheaper rates.
Presently, Basic Customs Duty on certain drugs (and bulk drugs for their manufacture)/ vaccine is 5%. These drugs are exempted from the excise duty/ additional customs duty. Further in Finance Act 2010, all goods imported in pre packaged form (which include drugs and medicines) and are intended for retail sale have been exempted from levy of Special Additional Custom Duty.
Reduction in import duty on medical devices would overall reduce the cost of treatment of patients and help in making available the best medical facility in India at relatively cheaper rates.
Presently, Basic Customs Duty on certain drugs (and bulk drugs for their manufacture)/ vaccine is 5%. These drugs are exempted from the excise duty/ additional customs duty. Further in Finance Act 2010, all goods imported in pre packaged form (which include drugs and medicines) and are intended for retail sale have been exempted from levy of Special Additional Custom Duty.
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