Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: TDS :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
VAT (Value Added Tax) »
 Haryana govt exempts solar equipment from VAT
 AP to push for same benefits under GST for VAT exempted goods
 Andhra Pradesh to push for same benefits under GST for VAT exempted goods
 Petrol prices set to rise in Goa with increase in VAT
 Payment systems to remain open on all days from March 25, 2017 to April 1, 2017
 Delhi cuts VAT on ATF to 1% for regional flights; other states to announce the same soon a
 Shops cannot charge VAT on discounted items: Consumer forum
 Delhiites have to pay lowest taxes as AAP govt announces cuts on VAT on various items
 Tamil Nadu minister justifies VAT hike on fuel
 State Government urged to withdraw hike in VAT on petrol, diese
 High VAT may encourage illegal trading

Medical devices sector seeks Customs duty, VAT waiver
July, 04th 2014

The medical devices industry, estimated at over $4.4 billion, wants medical equipment, surgical implants and other devices to be exempt from Customs duty.

Ahead of the Budget, to be presented on July 10, AdvaMed, an association of medical device manufacturers, has said that tariff barriers on imports of finished goods, raw materials and parts will be detrimental for the industry.

Besides seeking Customs duty exemption for products such as heart valves, pacemakers, sterilisers and topical skin adhesives, the association has recommended certain excise duty cuts.

“It is recommended that the excise duty on medical equipment be reduced significantly and may be prescribed at the lowest slab to enable the domestic industry to find a foothold,” AdvaMed has said.

Tax holidays

The industry body also seeks exemption from, or a minimal rate of, service tax for medical equipment, besides value-added tax holidays.

In lieu of VAT, AdvaMed suggests that a special countervailing duty of 4 per cent could be applied.

Medical tech parks

AdvaMed has also proposed that medical technology parks, with basic infrastructure for manufacturers, should be created.

Subsidies should be given for research and development in medical technology space, it has suggested.

“To ensure that there is thrust in the R&D area for design and innovation of these products, special incentives must be offered to attract more participants,” said Abby Pratt, Vice-President of AdvaMed.

“As the benefits to society from such projects would be significant, the medical devices sector is seeking incentives in the form of income tax write-offs for up to 250 per cent of the value of investment for R&D and innovation of medical instruments, diagnostics instruments, consumables and devices,” she added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions