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September, 2006 Pragati Maidan, New Delhi, India |
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Panel For Reducing Excise On Drugs
A parliamentary committee has asked the government to bring down excise duty on all pharmaceutical products to eight per cent from the present 16 per cent.
`The reduction in excise duty would not only make medicines available at affordable rates to the common man but also stop migration of pharma units to states which offer tax exemptions,` Members of Parliamentary Consultative Committee attached to the Ministry of Chemicals and Fertilizer was quoted saying in a leading financial daily./
They also said drugs to fight cancer and AIDS should be completely exempt from any customs or excise duty.
In line with Minister of Chemicals and Fertilizer Ram Vilas Paswan's suggestion, the members of the committee said that drugs should be made available free of cost to families below poverty line.
According to the Ministry, Rs3bn would be required for the purpose. The Committee members were of the view that government should provide this sum.
The committee members suggsted that pharma PSUs like IDPL, HIL and BCPL should be revived on the lines of HAL and HOCL as they can play a vital role in providing critical inputs during national emergencies and in situations arising out of compulsory licensing.
Date: 02-Jul-2006
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