 "Budget reduces customs & excise duties for renewable energy sector")
Finance Minister Arun Jaitley while presenting the budget 2017-18, announced substantial relief in customs and excise duties for renewable energy sector and for manufacture of cashless transaction devices.
In a bid to incentivise domestic value addition under Make in India initiative of the government, the Finance Minister has proposed to reduce customs and excise duties on several items related to the renewable energy sector. This includes all items of machinery required for - fuel based power generating system to be set up in the country for demonstration purposes; systems operating on biogas/biomethane/ by-product hydrogen; LED lights or fixtures etc.
Budget has proposed zero customs and excise duties on certain items related to cashless transaction devices to promote domestic manufacturing of these products.
Budget has announced reduction in customs duty on inputs and raw materials to reduce costs and for incentivising domestic value addition under Make in India have been submitted for certain items like liquefied natural gas (LNG), nickel, vegetable tanning extracts and certain capital goods.
Proposal to hike Excise duties and to levy additional duties under Sec 85 of the Finance Act, 2005 on several tobacco and tobacco related products have also been made in the budget.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%