Import duty waiver on Covid test kits
Raw materials for testing equipment, APIs, excipients for Amphotericin B are in the list.
image for illustrative purpose
The government has exempted basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing Covid test kits.
In a notification dated July 12, the Union Finance Ministry said the basic customs duty exemption on raw materials for manufacturing Covid test kits would be till September 30, 2021. While the exemption on specified API (active pharmaceutical ingredients)/ excipients for Amphotericin B would be valid till August 31.
Abhishek Jain, partner, EY Tax, said: "This is a well thought exemption being granted by the Indian government to fight the Covid crisis and is a step to make the domestic industry self-reliant, while fighting the pandemic."
Shardul Amarchand Mangaldas & Co Partner Rajat Bose added that "this is likely to further bring down the cost of such items in India making it more affordable for the common man.
