Finance Minister Nirmala Sitharaman on Saturday announced the removal of custom duty on 36 drugs for cancer and rare diseases in the Union Budget 2025.
She said, "To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, I propose to add 36 life-saving drugs and medicines to the list of medicines fully exempted from basic customs duty."
She also proposed to add six life-saving medicines to list attracting concessional customs duty of 5%. Full exemption and concessional duty will also respectively apply for the bulk drugs for the manufacture of these drugs.
In addition, the government will exempt basic custom duty on 37 more drugs. Further the finance minister announced the launch of 200 cancer daycare centres that will be set up in government hospitals in all districts within the time span of three years.
Sitharaman has also said that the drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from the basis custom duty if these medicines are provided to the patients free of cost.
In a giant announcement for India's middle class, Finance Minister Nirmala Sitharaman, announced that there will be no income tax payable for income up to Rs 12 lakh. This comes as the biggest tax relief for the middle class since 1997.
The rebate goes up to Rs 12.75 lakh taking into account standard deductions, under the new tax regime, said the finance minister.
The new tax regime, made the default tax regime by the government, provides for concessional tax rates and liberal slabs. However, this regime doesn't provide the deductions that are allowed under the old tax regime.
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