No. of views : (2696)
Concession on Import tax cancelled for some life-saving drugs - 76 medicines to cost more
Posted on: 07/Feb/2016 7:28:55 PM
As the concession allowed in Import Duty for some 76 essential life-saving drugs stands cancelled, there is now the scenario of these important life-saving drugs costing more.
Especially, the concession on reduced Import Tax on medicines for treating AIDS, blood loss, and other critical diseases has been cancelled and thus their prices are likely to go up.
The Finance Ministry made a press release on 28th January.
This report informed that the concession on Import Duty given to some medicines including treatment of cancer and some life-saving drugs is withdrawn
With this, there is the prospect that the import tax of 22 percent (Kalal & Import Tax) will be levied on these drugs. Thus, the prices of some 76 life-saving drugs are to go up by this margin.
This measure will also affect the pharmaceutical companies which manufacture their products in Special Economic Zones within the country as the cancellation of import duty concession will apply to them also.
There are 2 types of medicines imported from USA for treatment of blood leakage caused by genetic deficiency. Import duty concession is withdrawn for these items. Similarly, 10 different medicines for cancer treatment, 4 different medicines for cancer treatment also face the same plight. This will force the extra cost for medicines for these related patients.
Post your requirement - We will connect with the right vendor or service provider
