MTaI seeks reduction in GST on medical devices, cold chain units

 

The Medical Technology Association of India (MTaI) has urged the government to reduce GST and customs duties on medical devices, cold chain units and spare parts used in the healthcare appliances in the upcoming Union Budget.

The organisation noted that the reduction of GST on medical devices and medical cold chain from 12 per cent to 5 per cent would lead to the expansion of the healthcare sector through reduced costs improving patient accessibility, MTaI said in a statement.

The organisation, which represents research-based medical technology companies, also sought streamlining of Customs Duty and GST on spare parts.

Currently, the custom duty and GST on spare parts of medical equipment are currently charged at a higher rate than the equipment itself, it added.

MTaI has also suggested amendment in the Health Cess ad valorem imposition by removing the word 'Ad-valorem' so that the cess is implemented on Basic Customs duty (BCD) rate only.

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Budget: Govt plans Rs 1.4-trn fertiliser subsidy for farmers, says report

 

Budget -India is likely to earmark nearly $19 billion in the federal budget to compensate fertiliser companies for selling their products to farmers at lower than market prices, according to people with knowledge of the matter.

The finance ministry has penciled in Rs 1.4 trillion ($18.8 billion) as fertiliser subsidy in the budget due Feb. 1, up from Rs 1.3 trillion in the year ending March 31, due to higher raw material costs, the people said, asking not to be identified as the information is not public. Discussions are still going on and a final decision is yet to be taken.

The increased spending comes ahead of crucial assembly polls and amid efforts by the ruling Bhartiya Janata Party to win over farmers after facing massive protests against new laws that have since been scrapped. Nearly 60% percent of India’s 1.4 billion population depends on farming directly or indirectly for their livelihood and their support is key for winning elections.

A finance ministry spokesman was not immediately available for a comment.

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Budget 2022: Govt could consider levying TDS/TCS on crypto tradin

The public authority could consider in the impending Budget exacting TDS/TCS on special and acquisition of cryptographic forms of money over a specific limit

 

 

Budget 2022

The public authority could consider in the impending Budget collecting TDS/TCS discounted and acquisition of cryptographic forms of money over a specific limit and such exchanges ought to be brought inside the ambit of indicated exchange to answer to personal assessment specialists, Nangia Andersen LLP Tax Leader Aravind Srivatsan said.Likewise, a higher assessment pace of 30% ought to be exacted on the pay emerging from the offer of cryptographic money, like rewards from lottery, game shows, puzzle, and so on, he said.

Addressing PTI on what the Budget 2022-23, to be divulged by the public authority on February 1, could have coming up for the crypto business in India, Srivatsan said presently, India has the largest number of crypto proprietors all around the world, at 10.07 crore and according to a report it is normal that the speculation by Indians in cryptographic money could contact USD 241 million by 2030.

"A bill was relied upon to be introduced during Winter Session of Parliament to control digital forms of money. Notwithstanding, it was not presented, and it is currently expected that the public authority might take up this bill in the Budget Session. In the event that the public authority doesn't restrict Indians from managing in digital forms of money, we expect that the public authority could present a backward assessment system for cryptographic forms of money," he noted…Read More

Set up makeshift hospitals, monitor home isolation: Centre tells states

 

To handle a potential flood in COVID-19 cases, the Center encouraged all states and Union regions to start the method involved with setting up shoddy clinics and to establish unique groups to screen patients in home segregation.

In a letter to every single boss secretary, Union Health Secretary Rajesh Bhushan said it is basic to re-stress the meaning of convenient and quick upgradation of wellbeing foundation in all states and UTs.

"This turns into even more significant since with the abrupt expansion in cases, we might begin seeing a focused on wellbeing framework," he said.

To address likely flood in cases so as to guarantee readiness, the Center has requested states to start creation from field or improvised emergency clinics to increase accessibility of wellbeing foundation.

"This should be possible with coordination with DRDO and CSIR just as the private area, organizations, NGOs, and so forth This will help the course of fast formation of field medical clinics or impermanent emergency clinic set-ups," Bhushan said.

The Center likewise said that states may likewise consider utilizing lodgings and different facilities connected with the COVID devoted medical clinics in government and private area to oblige patients having gentle to direct indications of COVID-19, as was additionally done in certain states during the previous flood in cases.

"An enormous number of positive cases might be qualified for home confinement. These cases would require powerful development and a plainly characterized component for brief moving to a wellbeing office if there should arise an occurrence of decay in their wellbeing circumstance," Bhushan said. Read More