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Retail price based excise on drugs

By Our Special Correspondent

NEW DELHI, JAN. 7. In a bid to simplify excise procedures, the Central Government issued a notification today to levy excise duty on drugs and medicines on the basis of retail price declared under Drugs (Price Control) Order, 1995.

The notification comes into effect from Saturday. Retail price based assessment of excise duty avoids disputes on valuation and ensures certainty in assessment, an official release claimed.

Excise duty on drugs and medicines will be levied on the value determined after deducting an abatement of 35 per cent from the declared retail price. Drugs and medicines are often manufactured on job work basis and also by loan licensee. This leads to differences in practice of assessment and disputes. In order to ensure certainty in assessment, the provision of levying excise duty on the basis of retail price based assessment has been extended to medicaments, other than those medicaments, which are exclusively ayurvedic, unani, siddha, homeopathic or bio-chemic, the release said.

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