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New Delhi: The government on Tuesday proposed to fully exempt three cancer medicines from custom duties.
"To provide relief to cancer patients, I propose to fully exempt three more medicines from customs duties," Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2024-25 in the Lok Sabha.
The government proposed to cut custom duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
She also proposed changes in the basic customs duty (BCD) on x-ray tubes and flat panel detectors for use in medical x-ray machines under the phased manufacturing programme, so as to synchronise them with domestic capacity addition.
"My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export-competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount," Sitharaman said.
FICCI Health Services Committee Chairman and Founder & Chairman Mahajan Imaging & Labs Harsh Mahajan said the exemption of customs duty on three life saving medicines for cancer treatment is a welcome step.
Fortis Hospital Principle Director and Chief of Neurology Praveen Gupta said the exemption of custom duties on three cancer medicines and reduction of duties on certain medical technologies such as x-ray tubes and flat panel detectors is a significant move to strengthen domestic capabilities in the healthcare sector.
"Though these measures are far less than expected, they will make advanced cancer treatments more affordable and accessible, addressing a critical need given the high cost of such treatments," he added.
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.