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: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: empanelment :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
 
 
« Service Tax »
 Revised GST legislation may pinch working capital of industries
 GST to result in price reduction for consumers: Hasmukh Adhia
 Bill gives free hand to CAG to audit GST operation
 Lok Sabha to discuss GST bills on Wednesday
 GST to strengthen organised logistics companies
 No need for Parliament nod to waive property tax in Delhi
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today

Keep clinical trial services out of service tax ambit
August, 26th 2014

The Association of Biotechnology Led Enterprises (ABLE) has requested the government to consider keeping clinical trial services out of the ambit of service tax.

As per the Union budget, these services, which were previously exempt, would now attract service tax of 12.36 per cent. The move, industry players say, would increase the cost of drug development in the country and lead to a corresponding increase in the price of the tested drugs.

"Drug development in India is already facing challenges on several fronts following which the number of global and local clinical trials has come down substantially.

The decreased number of trials will impact availability of drugs in the medium-to-long term and will increase dependence of Indian patients on imported drugs. We have urged for keeping these services out of the service tax for another five years," ABLE said in a statement here.

On July 28, the CDSCO (the Drug Organisation in India) had invited suggestions on its notification for improving its clinical trials management through application of IT. Though a laudable step, ABLE and Association of Contract Research Organisations ( ACRO) India have cautioned the DCGI (Drug Controller of India) to preserve confidentiality of the patients.

The industry body has also requested to retain the existing CTRI website for clear visibility of clinical trials in the country.

ABLE President Dr P M Murali said, "India's pharma and biotech industry has the potential to generate combined revenues of more than $ 100 billion by 2025 from approximately $ 25 billion as of today. To realise this quantum of growth, the right policy framework needs to be put in place. The sector must be provided with incentives through a number of tax-friendly measures to make it globally competitive."

 
 
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 development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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