Commerce Ministry Invites Suggestions On Next Union Budget From Pharma Industry.

As part of its Pre-budget exercise, the Ministry of Commerce & Industry, Department of Commerce, has invited proposals and suggestions from the Pharmaceutical Industry for consideration by the Union Government, which may be incorporated in the proposed budget for the year 2012-13. Pharmexcil, has asked all its member companies to provide inputs and suggestions to the ministry by September 15, 2011.

“As the Industry is already facing many problems, it is the right opportunity for the Pharma players both at the SSI and MNC level to pour in their grievances and come out with comprehensive suggestions for the government to build a policy for further developing the Pharma sector in the country,” said Dr P V Appaji, executive director, Pharmexcil. Issues pertaining to exports, foreign clients, reduction in the customs duty, tax exemptions, etc could be discussed in the proposals by the players, so that the government may incorporate them in the budget draft for the coming year.

The players can put forth, issues relating Custom Duty, Central Excise Duty, Income Tax Inverted duty structure, Central Sales Tax, other levies (Cess, duties etc). Proposals related to streamlining of procedure-system, revenue implication, impact of change in structure on domestic industry, customs duty of goods in ASEAN/SAARC countries, bound rates of India in the WTO, and other significant recommendation that could impact the long term sustainability of the industry are welcome.

“Unless the government comes out with a policy of compatible regulatory norms, it is tough for the industry to sustain future growth in the country,” says K V Ranga Rao, executive director BDMA.

Source : pharmabiz.com