Renewable Energy Ministry wants GST exemption and they have a solid reason
Advertisement
Advertisement
At a time when the Indian government is doing whatever possible to pass the GST bill in Rajya Sabha, the Ministry of New & As per the ministry, the GST bill will shoot up the cost of setting up renewable energy systems, be it solar, wind or hydro-power projects, as much as 20%.
The renewable energy sector enjoy a slew of incentives, including 100% tax holiday on the earnings for 10 years, concessional excise and custom duties and so on and GST could increase the pricing.
The MNRE has sent its request to the revenue department.
"We are requesting an exemption. The GST bill has provisions for exemptions by state governments and we believe that renewable energy is a fit case for exemption. We are in dialogue with the Department of Revenue and they do see merit in our argument," a highly placed official from MNRE confirmed to ET.
Advertisement
Let's wait till
Image credit: Indiatimes
Advertisement
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’