BUDGET
Govt tinkers with tax on goods to make solar cells, panels
This story was originally published at 23:02 IST on 23 July 2024
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AHMEDABAD – The Budget today saw expansion of the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Announcing the full Budget for 2024-25 (Apr-Mar), Finance Minister Nirmala Sitharaman said she was doing so in a bid to support energy transition, which is critical in the fight against climate change.
Accordingly, customs duty on certain additional capital goods used to manufacture solar cells and modules would be zero from Oct 1, against 7.5% currently.
Further, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, the finance minister decided not to extend the exemption of customs duties provided to them.
She proposed an increase in customs duty on solar glass for the manufacture of solar cells or modules to 10% from zero currently. Similarly, tinned copper interconnect for the manufacture of solar cells or modules will attract 5% customs duty from Oct 1, instead of nil at present.
The government also announced offering 300 units of free electricity to 10 mln households every month under the PM Suryaghar Muft Bijli Yojana. End
Reported by Sunil Raghu
Edited by Avishek Dutta
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