Pharma exporters seek proper guidelines for rebate on excise duty
Posted On:According to pharma industry, the present notifications present
different rates of excise duty for those products included under
Chapter 30.
The notification no. 04/2006-CE, dated 1.3.2006 prescribes
4 per cent excise duty, whereas notification no. 02/2008-CE, dated
1.3.2008 prescribes 10 per cent excise duty.
D B Mody, International Trade sub-committee Chairman of Indian Drug Manufacturers' Association (IDMA), has said that the Indian pharma exporters are facing several problems due to differences in the rates mentioned in these notifications. The Central Excise field sanctions exports grants of 4 per cent as rebate in cash and direct 6 per cent central value added tax (Cenvat) to be credited to the account. Now, the industry seeks clarification from the finance ministry in the whole matter.
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