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