36 life-saving drugs to be exempted from customs duty, Sitharaman announces in Union Budget 2025
Union Budget 2025: These drugs include essential medicines used to treat cancer and other rare diseases, the finance minister said.
Union finance minister Nirmala Sitharaman, who is presenting her eighth consecutive budget in the Parliament, announced that 36 life-saving drugs would be exempted from basic customs duty.
These drugs include essential medicines used to treat cancer and other rare diseases, the finance minister said.
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The finance minister further announced that her government will also exempt basic custom duty on 37 additional medicines in the coming financial year.
The government had earlier cut customs duties on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to nil.
"To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, I propose to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty (BCD)," Sitharaman said.
Sitharaman also proposed to add six life-saving medicines to the list attracting concessional customs duty of 5 per cent.
Union Budget 2025: Customs duty exempted on manufacturing of ships
{{/usCountry}}Sitharaman also proposed to add six life-saving medicines to the list attracting concessional customs duty of 5 per cent.
Union Budget 2025: Customs duty exempted on manufacturing of ships
{{/usCountry}}Apart from the crucial drugs, the finance minister announced the continuation of customs duty exemption on inputs and components used for manufacturing of ships for another 10 years.
{{/usCountry}}Apart from the crucial drugs, the finance minister announced the continuation of customs duty exemption on inputs and components used for manufacturing of ships for another 10 years.
{{/usCountry}}The announcement marks significant development as India is looking to promote domestic shipbuilding to boost international trade.
{{/usCountry}}The announcement marks significant development as India is looking to promote domestic shipbuilding to boost international trade.
{{/usCountry}}Budget 2025 LIVE: No tax on income up to ₹12 lakh in Nirmala Sitharaman's pro-middle class budget
{{/usCountry}}Budget 2025 LIVE: No tax on income up to ₹12 lakh in Nirmala Sitharaman's pro-middle class budget
{{/usCountry}}Presenting the Budget for 2025-26, she also announced the doubling of basic customs duty on interactive flat panel displays to 20 per cent.
{{/usCountry}}Presenting the Budget for 2025-26, she also announced the doubling of basic customs duty on interactive flat panel displays to 20 per cent.
{{/usCountry}}Finance minister Sitharaman also announced a scheme to promote handicraft exports. In order to promote leather exports, she announced a full exemption of customs duty on wet blue leather.
{{/usCountry}}Finance minister Sitharaman also announced a scheme to promote handicraft exports. In order to promote leather exports, she announced a full exemption of customs duty on wet blue leather.
{{/usCountry}}The leader also proposed 10,000 fellowships under the PM Research Fellowship scheme in the next five years for technological research in IITs and IIS.
Union Budget 2025: Import duties to be removed on 12 critical minerals
Finance Minister Nirmala Sitharaman also announced the removal of import duties on 12 critical minerals, lithium-ion batteries scrap, cobalt products, LED and zinc.
Presenting her eighth straight budget, Sitharaman also proposed not to levy more than one cess or surcharge.
Budget 2025: New income tax slabs released in Budget | Check full details
She also proposed to exempt social welfare surcharge on 82 tariff lines that are subject to a cess.
The minister also proposed to add 35 additional capital goods for EV battery manufacturing and 28 additional capital goods for mobile phone battery manufacturing to promote the manufacturing of lithium-ion batteries both for mobiles and EVs.
