GST Exemption for Pharma Imports for Life-Saving Research
By Rediff Money Desk, NEWDELHI Dec 18, 2023 18:40
A parliamentary panel recommends GST exemption for imported pharmaceutical products used in life-saving medicine research. The panel also highlights the need for clarity and coordination in import regulations.
![GST Exemption for Pharma Imports for Life-Saving Research](https://im.rediff.com/money/2017/jan/24pharma.jpg)
New Delhi, Dec 18 (PTI) A parliamentary panel has asked the Centre to provide GST exemption for imported pharmaceutical products used by hospitals or scientific organisations in research on life-saving medicines and treatments.
The PAC, chaired by Congress member Adhir Ranjan Chowdhury, also said providing incentives to organisations such as cancer institutes would greatly aid in developing medicines to treat serious and life-threatening ailments.
The committee recommended that the Ministry may place the matter before the GST Council for exempting imports of pharmaceutical products to those organisations that are carrying out serious research in scientific fields.
"The committee are also of the view that hospitals carrying out research on life-saving medicines and treatment may also be considered for being extended the benefit of exemption," the Committee said.
The Public Accounts Committee (PAC) in its report on "Improper exemption of IGST on import of pharmaceutical products" observed that the issue of frequent notifications and then clarifications pertaining to certain imports made by public-funded research institutions is indicative of lack of clarity and coordination among the different wings of the same department.
The committee has, therefore, recommended that the Tax Research Unit (TRU)/CBIC may ensure that notifications include examples for clarity and court cases be made searchable with key words, and also develop an interface for quick resolution of assessing officers, doubts.
The PAC, chaired by Congress member Adhir Ranjan Chowdhury, also said providing incentives to organisations such as cancer institutes would greatly aid in developing medicines to treat serious and life-threatening ailments.
The committee recommended that the Ministry may place the matter before the GST Council for exempting imports of pharmaceutical products to those organisations that are carrying out serious research in scientific fields.
"The committee are also of the view that hospitals carrying out research on life-saving medicines and treatment may also be considered for being extended the benefit of exemption," the Committee said.
The Public Accounts Committee (PAC) in its report on "Improper exemption of IGST on import of pharmaceutical products" observed that the issue of frequent notifications and then clarifications pertaining to certain imports made by public-funded research institutions is indicative of lack of clarity and coordination among the different wings of the same department.
The committee has, therefore, recommended that the Tax Research Unit (TRU)/CBIC may ensure that notifications include examples for clarity and court cases be made searchable with key words, and also develop an interface for quick resolution of assessing officers, doubts.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Kolte-Patil...](https://im.rediff.com/80-80/money/2020/dec/21housing.jpg)
Kolte-Patil Developers Reports 1% Growth in...
Kolte-Patil Developers saw a 1% increase in sales bookings to Rs 711 crore in Q1 FY25,...
![Govt. Deposits Rs...](https://im.rediff.com/80-80/money/2021/mar/15bond.jpg)
Govt. Deposits Rs 92 Crore to Save MTNL from...
The Indian government deposited Rs 92 crore to cover immediate bond interest dues of...
Areca & Coconut Prices in Mangaluru (Jul 16)
Get the latest areca and coconut prices in Mangaluru for Tuesday, July 16. Find prices...