Indian Drug Makers Face Hit Over Former Excise Duty
This article was originally published in PharmAsia News
Executive Summary
Many pharmaceutical companies in India could be faced with punitive action because they did not act quickly enough in passing on duty cuts. The National Pharmaceutical Pricing Authority rejected the industry's request they be allowed to sell out all drugs assessed at the old excise duty rate before applying the new one. The companies noted the law bars them from changing the price on drugs already packaged and ready for distribution. India's revenue department could decide to let the firms pass on the earlier excise taxes on drugs in the chain for distribution at the time of the duty change. (Click here for more