Centre's move to cut duty on medicines hailed

Madurai: The Madurai District Tiny and Small Scale Industries Association has welcomed the move by the Central Government to reduce the excise duty on all medicines to eight per cent.

In a release to the press here, the Association said the exemption would pave the way for the availability of medicines at cheaper rates and would be beneficial to people in need of life-saving drugs.

The association, appreciating the draft proposal on pharmaceutical policy, said that the extension of excise duty exemption to small-scale industries with a turnover up to Rs 5 crore would give relief to many small-scale units. It has also welcomed the proposal for including the local tax in the MRP rate. It, however, cautioned, that it would be difficult for the industry to face competition without first adopting uniform taxes on various medicines throughout the country.

The association further suggested that the Magic Remedies Act be amended to bring allopathic medicines too under the pharmaceutical policy.