Tag: Tax exemption

European Geographical indication: Kangra Tea from Himachal Pradesh has been granted the European Geographical Indication (GI) tag by Europian Union Agriculture. This is an important certification that recognizes the tea as originating from a specific region. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin. In India, Kangra tea received the Geographical Indication designation in 2005. Tax exemption: All drugs and food for special medical purposes imported for personal use for treatment of all rare diseases listed under the National Policy for Rare Diseases, 2021 are now fully exempted from basic customs duty. The waiver will come into effect from 2nd April 2023. Drugs/medicines generally attract basic customs duty of 10%, while some categories of life-saving drugs/vaccines attract concessional rate of 5% or nil. National Policy for Rare Diseases, 2021: The Policy aims at lowering the incidence and prevalence of rare diseases based on an integrated and comprehensive preventive strategy. National Policy for Rare Diseases, 2021 provides for National Consortium for Research and Development on therapeutics for Rare Diseases with an expanded mandate to include research & development, technology transfer and indigenization of therapeutics for rare diseases.