MTaI seeks streamlining of tax & duty structure to make medical devices affordable
PTI, Jan 8, 2020, 4:34 PM IST
New Delhi: Medical Technology Association of India (MTaI) on Wednesday urged the government to streamline tax and duty structure in Union Budget 2020-2021 to ensure people get long-term access to quality medical devices.
The rupee depreciation, combined with the high customs duty rate has increased the cost to patients, making it harder for them to have access to quality medical devices, MTaI said in a statement.
“High customs duties have adversely impacted the costs of medical devices and equipment in India which contradicts the government’s efforts to provide low-cost healthcare available to masses through programs such as the AB-PMJAY,” MTaI Director Sanjay Bhutani said.
This is particularly concerning since more than 70 per cent of the demand for medical devices is being met by global innovators, he added.
Another demand raised by the industry body is for reducing the GST on medical devices from 12 per cent to 5 per cent, the statement said.
It also asked the government to provide tax holiday to medical device research and development centres under the Transfer Pricing Act to boost investment in setting up in-house R&D capabilities.
MTaI also urged the government to consider in the forthcoming budget providing tax incentives on exports as currently there are no tax benefits on export income.
“Export being a growth engine for the economy, it is important that efforts should be made to make it competitive in the international market,” the statement said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
Rebels to be shown the door: Maharashtra BJP chief Bawankule
Rohit Shetty says ‘Singham Again’ his fastest Rs 100 crore film, thanks audience for support
SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput
People of Wayanad will ask me not to come there often: Priyanka Gandhi
Belagavi: Govt clerk found dead in Tehsildar’s chamber
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.