Budget wish list of Intas Biopharmaceuticals Ltd.
Intas Biopharmaceuticals expectation from Budget
Tweet-- Mr. Sanjay Nagrath
Vice President (Finance), Intas Biopharmaceuticals Limited
- Foreign Consultancy Expenditure can be allowable as weighted deduction u/s 35 (2AB)
- Reference Standards and reference books be made eligible for Refund/ Duty Drawback based on DSIR certification.
- The expenditure on R&D works, such as clinical trials, which is incurred outside the facility, should also be considered for the weighted deduction that is allowed only for in-house R&D at present. Its scope should be widened, so as to also encompass within its fold all expenditure incidental to basic research carried on at any outside R&D facility, as also clinical trials, bio-equivalence studies, etc.(if not atleast to exempt the same from the payment of Service Tax)
- Anti Cancer Drugs should be considered as life saving drugs so the levy of custom duty would be abolished.
- The payment of service tax should not be leviable when the technology is being imported in India, and there should be separate notification for exempting with holding taxes .
- The duty exemption for listed essential drugs will allow companies to generate higher growth for their price controlled drugs, revenues from which have grown by a mere 1 per cent in last 12 months.
- Clinical research and contract manufacturing activities involve adherence of quality standards of highest possible level. Budgetary / monetary assistance to pharma players for venturing into such activities will be a big boost to their efforts to come at par with international quality norms and regulations.