“The proposal is that inverted taxes for both pharma and chemicals and petrochemicals industries should be rectified.” Under inverted tax structure, duties on finished goods are lower than the import duty on raw materials.
However, in the last two years, as many as 76 drug and formulations suffering from inverted duties have been rationalized.
“This year too, wherever such a situation arose, I have brought to Finance Minister Arun Jaitley’s notice,” Kumar said.
(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
Source: dnaindia.com