The import tax on X-ray equipment and generators was increased by the central government. Government taxes increased to 15%. On April 1st, 2023, the new mandate will take effect. Earlier, the duty rate was 10% and now it has been increased to 15%.
The new rate was incorporated into the Finance bill, 2023, as part of the amendment that was adopted by the Lok Sabha on March 24, 2023. (Friday).
There is a 5% variation in the tax rate, which is a significant sum. As a result, there will be a progressive decline in the amount of equipment imported from outside, which will benefit domestic producers more.
However, the organisations that import equipment from outside in anticipation of technological improvement must pay the charge, and the same will be imposed against clients who require the service.
Rajat Mohan, Senior Partner of AMRG & Associates, believes that this will stimulate “Made in India” to lessen reliance on imports in the specialised industry.
The Union Finance Minister Nirmala Sithraman presented the Finance Bill, 2023 on 24th March 2023 (Friday) and the same was approved by the Lok Sabha. The Union budget for 2023 was submitted along with the Finance Bill on February 1. In addition to revisions to current law, it makes a number of tax ideas. Also, the finance bill was approved by the Rajya sabha on 27th March 2023.
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