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Saturday, July 11, 2020
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Medical Devices domestic industry

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More Bad News for Indian Medical Device Industry: Import of Medical Devices Up by Record 24%

Mr. Rajiv Nath claimed that after the goods and services tax (GST) on imported medical devices became cheaper by 11 per cent, the basic import tariff stands in the range of nil-to-7.5 per cent for most medical devices. Before the GST regime, imported medical devices attracted excise duty and special additional duty, over and above the import duty. After GST, only import duty and GST are levied. However, since one gets input credit in the GST regime, the effective taxation reduces, explained Nath.
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