New Delhi: The Indian government has proposed an increase in the medical devices (MD) tax to be levied on medical devices made by the medical device companies.
Sources in the government have told NDTV that the tax will be levied at a rate of 5 per cent.
The increase in tax will bring the total amount of taxes levied so far to Rs 14,500 crore.
According to the Medical Devices Regulatory Authority (MDRAA), the total tax levied on MDs from the last financial year is Rs 14.8 crore, with a range of different tax rates ranging from 4 to 5 per Cent.
It said this amount includes MDs of up to Rs 1 crore and those of up a Rs 50 crore.
