GSTnews item19 January 2016

Govt raises import duty on certain medical devices

News Update

Govt raises import duty on certain medical devices

Published Date: Jan 20, 2016
Source: ICAI PD Committee
To provide impetus to domestic medical devices sector, the government has increased import duty on certain specified equipment to 7.5% from 5% earlier. “Rate of basic customs duty on certain specified medical device increased from 5% to 7.5%,” the finance ministry said in a statement. Simultaneously, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4% SAD. “Further, to give fillip to domestic manufacturing, basic customs duty is being reduced to 2.5% along with full exemption from SAD on raw materials, parts and accessories for manufacture of medical devices (falling under headings 9018 to 9022),” the statement added.
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