IDMA, OPPI assure AIOCD of sympathetic consideration on losses due to VAT
EPP News Bureau – Mumbai
The Indian Drug Manufacturers’ Association (IDMA), the Organisation of Pharmaceutical Producers of India have assured the All India Organisation of Chemists and Druggists (AIOCD) that they will sympathetically consider the losses incurred by the wholesalers on account of implementation of VAT.
In return, the AIOCD assured the drug manufacturers that there will be no shortage of medicines and there will be no return of goods other than the excessive inventory in value terms.
This was decided at special meeting held on March 17 to discuss the implications of VAT implementation, informed an IDMA press release.
According to the actual rules on VAT as and when announced, wholesalers would get set off ie. after six months from the date of filing its first returns, on goods lying with them as on March 31, 2003. The release also urged that the business should be conducted as usual as per the current terms.