Union Budget 2025: Lifesaving drugs customs duty exempted..!?

The budget has announced a complete removal of customs duty on life-saving essential medicines. The budget has announced a complete removal of customs duty on life-saving essential medicines.

Cancellation of customs duty on medicines:
Finance minister Nirmala Sitharaman, who presented the budget and spoke, announced that “36 life-saving medicines will be completely exempted from basic customs duty. She also announced that 6 life-saving medicines will be included in the list of 5% concessional tax. This includes medicines for cancer and rare diseases, Finance minister Nirmala Sitharaman said.
Speaking in this regard, “To provide relief to cancer patients, the government will include 36 life-saving medicines in the list of medicines that are completely exempted from basic customs duty. "Six life-saving drugs will be included in the list with a 5% concessional customs duty. Full exemption and concessional duty will apply to the bulk of the drugs used to manufacture these drugs," she said. Apart from the crucial drugs, the finance minister announced the continuation of customs duty exemption on inputs and components used for manufacturing of ships for another 10 years. The announcement marks significant development as india is looking to promote domestic shipbuilding to boost international trade.
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

union budget 2025

Sowmiya Sriram

01/02/2025 02:24 PM