GSTnews item19 January 2016
Govt raises import duty on certain medical devices
News Update
Govt raises import duty on certain medical devices
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 Simultaneously, the exemption from additional customs duty (SAD) on these medical devices has also been withdrawn, and they will now attract 4% SAD.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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