Taxes and Duties on Medicines and Chemicals

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....axes and Duties on Medicines and Chemicals <br>News and Press Release<br>Dated:- 8-5-2015<br><BR>The Government provides concessions in cess and taxes on some medicines sold in the country. At present, life saving drugs or medicines specified in the List 4 annexed to the Notification No. 12/2012-Customs dated 17th March, 2012 (Sl. No. 148) of Government of India, Ministry of Finance, Department of....

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.... Revenue vide G.S.R. 185 (E) dated 17th March, 2012 and bulk drugs (chemicals) used in the manufacture of such life saving drugs or medicines are exempt from basic customs duty and excise duty/CVD. Further, certain other drugs or medicines (including life saving drugs or medicines) specified in List 3 annexed to the Notification No. 12/2012-Customs dated 17th March, 2012 (Sl. No. 147) and bulk dru....

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....gs (chemicals) used in the manufacture of such other drugs or medicines attract concessional basic customs duty of 5% and Nil excise duty/CVD. Representations seeking exemption from customs and excise duties on bulk drugs or chemicals etc are received throughout the year in Department of Revenue. They are forwarded to the Ministry of Health and Family Welfare and Department of Pharmaceuticals fo....

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....r examination and recommendation. At present, no proposal/recommendation foro changes in the rate of such duty has been received from Ministry of Health and Family Welfare and Department of Pharmaceuticals. This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.<BR> News - Press release - PIB....