Budget 2014: Extend I-T exemption limit for diagnostics, chronic illness
July 9, 2014
Business Today spoke to Sanjeev Vashishtha, CEO, SRL Diagnostics on his expectations from Budget 2014.
1. For high-end specialised tests, custom duties on reagents should be brought down from 28 per cent to nil. It is also important to allow labs, hospitals and CROs to directly import diagnostic kits under Form 11 for own use.
2. We must encourage manufacturing of equipment and reagents within India.
3. Include diagnostics even without being hospitalised as part of health insurance reimbursements. Moreover, there should be income tax exemptions for diagnostics (Rs 5,000) and chronic illness (Rs 25,000) over and above the existing provisions.
4. Encourage IT implementation in diagnostics and hospitals by providing tax benefits for the same.
5. The government should look at making accreditation compulsory for all labs to ensure that patients get quality results, on the basis of which the right treatment can be administered at the earliest.