Power & Energy

No Import Duty on Solar Energy Equipments: Union Budget 2018

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The decision about elimination of import duty on different solar energy equipments as expressed by Finance Minister Arun Jaitley at Budget 2018 has been welcomed by all. In the last budget, it was decided that solar energy equipments will be charged 5% import duty but keeping the current environmental needs in concern, this rate has been reduced from 5 to zero percent. The materials considered include solar tempered glass i.e. anti-reflective coated glass, panels, modules and solar cells.

This move is a blessing to the solar panel manufacturers at the domestic level using glass as one of the major inputs. Also it is a positive response to the solar energy project conductors as they will get a benefit from the same. Jaitley was also quoted saying that many farmers engaged with installation of solar water pumps for irrigating their fields will enjoy support from the government to the extent needed.

He added that the government will undertake the steps needed and help the state government to carry out the tasks related to solar energy effectively. It will also encourage all the state governments to keep in place a solid mechanism to ensure that the distribution firms or licensees purchase their solar power at a much reasonable rate. Jaitley believes that only meeting this goal will help in the development of the states as well as the country on a whole. According to him, with the growing environmental issues, going for renewable energy resources is the need of the hour.

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