Latest news with #Indian-sourced
News18
4 days ago
- Business
- News18
'Pulp Fiction? Not Quite': How Indian Oranges Are Powering A French Medicine To Treat Varicose Veins
'We are proud that the oranges grown in Indian soil are now an integral part of a medicine used by millions across the world," Aurelien Breton, managing director, Servier India, told News18. 'We procure oranges from Maharashtra, Telangana, Andhra Pradesh, MP, and Rajasthan currently." According to IQVIA data, Daflon's 500mg and 1000mg stand at a value of Rs 61 crore as per moving annual turnover, May 2025, ranking 2nd in the varicose therapy market. The average number of patients treated in a month is 1.2 lakhs. The citrus supply chain The Indian-sourced oranges are first processed locally—cleaned, dried, and converted into powder form. This citrus powder is then exported to Servier's manufacturing headquarters in France, where it undergoes sophisticated processing to extract the active pharmaceutical ingredients (APIs). Interestingly, those APIs are then re-imported back to India, where the final formulation of Daflon is completed for domestic distribution. This circular, transcontinental journey of a single orange—from a farm in Nagpur to a lab in northern France and back to a pharmacy shelf in Delhi—highlights the globalisation of pharmaceutical supply chains and India's growing importance as a trusted sourcing and manufacturing hub. The move wasn't just about logistics or cost-efficiency. According to Breton, Indian oranges matched the quality standards required for flavonoid extraction. 'We achieved 100% reliance on local Indian oranges through our Indian supply chain with effect from the financial year 2021." Indian oranges matched the former Spanish and Mexican counterparts. '2000 metric tons of small oranges were procured in the financial year 2023-24. We work with aggregators and farmers in multiple states in India," said Breton. Company set to bring precision cancer medicine Servier Pharma is set to bring precision cancer treatments to India. 'Unlike traditional chemotherapy, these therapies act on specific genetic mutations that are responsible for causing the cancer," Breton said. Out of three novel drugs coming into the Indian market, the first drug, Ivosidenib, targets a mutated protein known as isocitrate dehydrogenase 1 (IDH1), which is found in a subset of patients with cholangiocarcinoma (a type of biliary tract cancer) and acute myeloid leukemia (a form of blood cancer). 'Epidemiological data show a high prevalence of biliary tract cancers along the Ganga River basin, supporting the need for this targeted option, which can significantly delay disease progression. In clinical trials, Ivosidenib has demonstrated more than a threefold improvement in survival for AML (blood cancer) patients." The drug was officially launched in India in June 2025.
Mint
23-06-2025
- Business
- Mint
How to track your days in India—and why it matters more than ever for your tax status
Renowned entrepreneur M. Mahadevan, popularly known as 'Hot Breads Mahadevan' for his international bakery and restaurant chain, has run into tax trouble back home. A recent Income Tax Appellate Tribunal (ITAT) ruling declared Mahadevan a tax resident of India for financial years 2012-13, 2013-14, and 2018-19, thereby making his global income taxable in India—despite his claim of being a non-resident. Mahadevan, who operates restaurants and bakeries both in India and abroad, declared himself a non-resident in his income tax filings for the aforementioned years. He based this status on his interpretation of passport stamps, asserting that he had stayed less than 182 days in India in each relevant year. As a non-resident, he only paid tax on Indian-sourced income, leaving his overseas earnings out of the tax net. Also read: NRI taxation: How to claim special tax concessions However, a detailed review by the tax department—using passport records, visa copies, and data from the Foreigner Regional Registration Office (FRRO)—suggested otherwise. The officer concluded that Mahadevan exceeded the 182-day threshold in FY13 and FY14, and also met the 60-day-plus-365-days condition for FY19, thereby qualifying him as a tax resident under India's Income-tax Act, 1961 (ITA). Importantly, Mahadevan's travel was under 'social' or 'visitor' visa categories, not business or employment—further undermining his claim of leaving India for professional reasons. Mahadevan challenged the tax officer's ruling at the first appellate level, where he found relief. The appellate authority ruled in his favour, interpreting his overseas trips as business-related despite the visa types. It accepted his stay in India to be under the threshold and upheld his non-resident status, exempting his foreign income from taxation. On further appeal, the ITAT clubbed the cases and overturned the appellate ruling. It agreed with the tax department, affirming that Mahadevan was a resident for those years and his foreign income was liable to Indian tax. Still, the Tribunal offered some relief: if Mahadevan could furnish proof of foreign taxes paid, foreign tax credit would be allowed. Why the tribunal ruled against Mahadevan FRRO data as credible proof: The Tribunal trusted FRRO records as reliable government data for determining days of stay. Visa purpose matters: Frequent travel abroad did not equate to business if the visa stated otherwise. Since Mahadevan's visas were for social visits, he could not claim the 182-day exception allowed for business departures. UAE Tax Residency Certificate (TRC): Mahadevan produced a UAE TRC issued in 2021 for earlier years. The Tribunal held that under the India-UAE tax treaty, treaty benefits cannot apply if a person qualifies as a tax resident of India under domestic law. Also read: Decoding dual taxation: What NRIs need to know for better tax efficiency Key lessons for global Indians Residential status is pivotal in determining tax liability and must be backed by appropriate records. Count days with care An individual's residential status determines their tax liability in India and is primarily based on days spent in the country. While passport stamps are usually relied on, it's advisable to cross-check stay records with FRRO data to avoid mismatches that may affect tax residency. Involuntary stays (e.g., passport seizures) are excluded. For land entries from Nepal or Bhutan, where passports/visas aren't required, documents like hotel receipts can help establish duration of stay. Who is a resident? A person is considered a resident in India if they: The 60-day threshold is relaxed to 120 or 182 days for: Visa type matters Residency status can also depend on the visa category used for travel. A person leaving India for work should not use tourist or social visas, as these may not support claims of business-related travel abroad under tax laws. Dual residency & tie-breaker If you're classified as a resident in both India and another country, tax treaties apply a tie-breaker test. This considers: This helps decide which country can tax your global income. Also read: Golden tax window for NRIs: What RNOR means and how to use itAshish Karundia, founder, Ashish Karundia & Co., Chartered Accountants
