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THE pharmaceutical industry has something to rejoice. The Finance Minister's announcement of levying fringe benefit tax on 5 per cent of the expenditure incurred on conveyance, tour and travel including foreign, use of hotels, boarding and lodging instead of 20 per cent is likely to reduce some of the financial burden of the industry.

According to Mr J.P. Parswani, Vice-President, Cadila Pharmaceuticals, "The pharma industry is going through a bad phase and this reduction will bring some relief. Levying FBT on 20 per cent would have resulted in a substantial hit on companies."

Mr Rajesh Jain, Joint Managing Director, Panacea Biotec, felt that this would indirectly benefit the consumer. "Any tax increase including the FBT would have led to increase in prices. But today's announcement by the Finance Minister would reduce the consumer burden," he said.

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