India exempts Covid vaccine from import duty

The Central Board of Indirect Taxes and Customs (CBIC) has fully exempted imports of Covid 19 vaccines from basic customs duty, from October 1 till December 31."The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods of the description specified when imported into India, from the whole of the duty of customs leviable," the Board said in a notification issued on September 29.The Board specified 'COVID-19 vaccine', indicating all vaccines imported into the country will be exempt. Vaccines arse presently charged customs duty of 10%. The government had in April exempted imports of Covid vaccines from customs duty for three months.The government had also decided to exempt the import of medical oxygen and connected equipment from import duty and health cess.While Covid vaccines continue to attract a 5% goods and services tax, the government had exempted some Covid treatment drugs from the tax and lowered the tax on other materials. The relief has been extended till the year end.

from Economic Times https://ift.tt/3zSbR8q