Budget 2015: Governments may Increase Duty on Imported Medical Devices
Sunday, March 1, 2015
Source: The Economic Times
Medical devices such as stents, pacemakers and catheters may soon become expensive. The government is likely to increase basic custom duty by 5% on imported medical devices in the upcoming Budget, official sources said.
At present, the customs duty on imported medical devices varies from 5% to 10%, depending on the usage. These devices are broadly classified into three categories. While the duty is lower at 5% for high-end medical equipment such as MRI machines and CT scanners mostly used in hospitals and radiology laboratories, imported disposables such as syringes, catheters, etc have 10% customs duty. Implants such as stents and pacemakers also have a 5% basic customs duty.