The government today reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.
The government has also reduced basic customs duty for two bulk drugs used in manufacturing these medicines from 10 per cent to 5 per cent.
Bulk drugs are processed raw materials used in manufacturing the final doses of medicines.
"They (influenza vaccines, nine medicines and two bulk drugs) will also be totally exempt from excise duty and countervailing duty," Finance Minister Pranab Mukherjee said while presenting the Budget in the Lok Sabha today.
Besides this, customs duty will also be reduced from 7.5 per cent to 5 per cent on two specified life-saving devices used in treating heart ailments, Mukherjee said.
These devices will also be fully exempt from excise duty and countervailing duty, he added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app