RENEWABLE ENERGY

Final decision on customs duty on solar equipment to be announced soon: Government

The Ministry of New and Renewable Energy is likely to clarify the matter of basic customs duty (BCD) on imported solar equipment within the next two months. A 20 percent basic customs duty had been announced in the last budget, but has not been imposed yet.

Developers have been keenly awaiting such a clarification since the duty will impact their cost of setting up a project and thereby the tariff they charge for the power generated.

“We have to finalise it with the ministry of commerce and the ministry of finance. The department of revenue has already said it is ready to implement whatever duty structure is decided by the two ministries,” said Amitesh Kumar Sinha, Joint Secretary, Ministry of New and Renewable Energy at a webinar organised by renewable energy consultancy firm Bridge To India.

There is already a safeguard duty on solar panels and modules imposed in July 2018 which will expire on July 28 this year.

Source
ET News
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