Pharma industry asks for more clarity in tax structure

“For products where the ability to import substitute is still far away, the high Custom duties should be rolled back,” MTaI Director General Pavan Choudary said.

He said import duties on medical devices and equipment have already been increased by 7.3 per cent for most items.

Most of them fell in the 11.6 per cent bracket, which has gone up to 18.9 per cent now, effectively a duty increase of 62.7 per cent.

Through Customs duty increases, which are almost passed on to patients, the cost for patients is expected to go up, Choudary said.

From Agencies, Featured image courtesy revapharma