The increase in the rate of tax on solar components from 5 per cent to 12 percent and a 40 percent import duty on photovoltaic modules and 25 percent duty on photovoltaic cells is having a negative effect on growth and development in the renewable energy sector in the country.
The Indian manufacturers sourced raw materials such as cells, polysiloxanes, and ingots from China, however, the duties coupled with higher raw material prices have increased the input cost for domestic manufacturers, making domestic panels costly. This is affecting the Ministry of New and Renewable Energy (MNRE) subsidized ‘Rooftop Solar Programme’ as the cost of installation has increased substantially.
Source a2ztaxcorp
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