Union Budget 2017(India) promotes Clean Energy Developments , Reduce Indirect Tax
India has set an energetic target of adding 175 GW of renewable energy by 2022 which includes 100 GW of solar, 60 GW of the wind, 10 GW from biomass and 5 GW from small hydro-electric projects.
In Budget 2017, the Finance Minister has proposed zero (from 5% before) basic customs duty (BCD) on the solar tempered glass for use in the manufacture of solar cells/panels/modules. At present BCD on those is 5 per cent. Similarly, he proposed to reduce countervailing duty (CVD) on parts/raw materials for the manufacture of solar tempered glass.
The budget has also proposed to reduce excise duty on these materials to 6% from existing 12.5%. It is also proposed to reduce the BCD, CVD, and SAD(Special Additional Duty) of 24% on resin and catalyst for the manufacture of cast components for Wind Operated Energy Generators to 5%. The budget has also proposed zero excise duty on these materials from existing 12.5%.
All items of machinery required for fuel cell based power generating systems to be set up in the country or for demonstration purposes attract BCD, CVD, and SAD of 30% which would be reduced to 11 percent. The budget has proposed to reduce excise duty on these items to 6% from existing 12.5%.
Similarly, it is proposed to reduce BCD, CVD, and SAD of 30% on all items of machinery required for the balance of systems operating on biogas/biomethane/by-product hydrogen to 11%. The budget has also proposed to reduce excise duty on these materials to 6% from 12.5%.
Source : moneycontrol