New Delhi, Mar 4 (UNI) Prices of scheduled formulation packs have been revised downwards by 4.58 per cent.
According to a release, the Equivalent Maximum Retail price (MRP) (inclusive of excise duty and all taxes) of all Scheduled formulation packs will be reduced downwards following cut in excise duty on drugs and pharmaceuticals from 16 per cent to 8 per cent vide a Ministry of Finance (Deptt. of Revenue) notification and also in the rate of abatement on drugs and pharmaceuticals from 42.5 per cent to 35.5 per cent vide Ministry of Finance (Deptt. of Revenue) notification.
As per the notification, the reduction shall take effect immediately.
However, the reduction would not apply to those categories of scheduled formulation packs where no excise duty has been actually paid to the Government.
The two notifications, both dated March 1, 2008, were issued by the Ministry of Finance (Department of Revenue).
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