MTaI seeks removal of additional 5% tax on imported medical devices

New Delhi, Jan 12 (KNN) The Medical Technology Association of India (MTaI) on Wednesday recommended reduction in custom duties at the minimum to 2.5 per cent and removing additional 5 per cent health cess imposed on imported medical devices.

The customs duties and taxes levied on medical devices in India are one of the highest in the world and highest among the neighbouring countries which directly impacts patients' affordability, said MTaI Chairman and Director General Pavan Choudary.

As per reports, presently India imports 80 per cent of its medical devices.

“The healthcare industry requires more focus in government outlays and one way to achieve this is by increasing the public health spending to meet the current gaps in healthcare demand and supply,” Choudary pointed out.

MTaI in their letter to the government also suggested for the allocation of separate budget for promoting and marketing medical device sector globally.

Public spending on health infrastructure especially in Tier 2, Tier 3 cities and rural areas needs to be increased, so as to improve the healthcare infrastructure of the country, the association added.

Finance minister Nirmala Sitharaman will unveil the Budget for 2023-24 on February 1.  (KNN Bureau)