January 20, 2016 7:44 AM

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Govt hikes import duty on certain medical devices

The government has increased import duty on certain specified medical device to 7.5 per cent from 5 per cent earlier. In a tweet, Finance Ministry said, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4 per cent SAD. The Ministry also said that to give fillip to domestic manufacturing, basic customs duty is being reduced to 2.5 per cent along with full exemption from SAD on raw materials, parts and accessories for manufacture of medical devices. It said, these changes will provide impetuous to domestic medical devices sector, support Make in India campaign of the Government and generate employment.

January 20, 2016 7:31 AM

printer

Govt hikes import duty on certain medical devices

The government has increased import duty on certain specified medical device to 7.5 per cent from 5 per cent earlier. In a tweet, Finance Ministry said, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4 per cent SAD. <br/><br/>The Ministry also said that to give fillip to domestic manufacturing, basic customs duty is being reduced to 2.5 per cent along with full exemption from SAD on raw materials, parts and accessories for manufacture of medical devices. It said, these changes will provide impetuous to domestic medical devices sector, support Make in India campaign of the Government and generate employment.

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