Post-Budget Reactions on Indirect Tax Reforms By Mr. Jay Jhaveri, Partner, Bhuta Shah and Co LLP
Below the Post-Budget Reactions on Indirect Tax Reforms By Mr. Jay Jhaveri, Partner, Bhuta Shah and Co LLP
As a key initiative in the healthcare segment, the Government has announced an exemption from the Basic customs duty to 36 life-saving drugs and specified medicines along with 13 new patient assistance programmes. These drugs primarily include essential medicines used for cancer treatment and other chronic ailments. The announcement reciprocates the Government's commitment to provide affordable healthcare services to the public at large.
As a part of the ‘Make in India’ initiative and to boost domestic manufacturing, the customs duty exemption on inputs and components used for manufacturing ships will continue for another 10 years. This is a significant move to promote domestic ship building to boost international trade.
Overall, the budget can be termed as a ‘neutral budget’ from an indirect tax perspective missing out on various hard pressing issues like resolving long drawn litigations under Customs by introducing an amnesty scheme and measures to expedite working of GST tribunals.
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