Even whereas the federal government didn’t transfer forward with its intent to impose fundamental customized duties (BCD) on photo voltaic gear within the Union Budget, a phased manufacturing plan for photo voltaic cells and panels introduced on February 1 might embrace this element.
“In no way can we come to the conclusion that BCD will not take place,” stated Ministry of New and Renewable Energy Secretary Indu Shekhar Chaturvedi throughout a post-Budget media briefing on Tuesday.
“When you see the Budget carefully, it is written that a phased manufacturing plan will be notified by the government. So, the phased manufacturing plan is a kind of policy which includes everything, including basic custom duty,” stated MNRE Joint Secretary Amitesh Kumar Sinha on the briefing.
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“We are awaiting some…clarification from the Department of Revenue, and we are hopeful that, within a day or two, we will receive that,” he added.
In June final 12 months, Minister of New and Renewable Energy RK Singh stated that the federal government was planning to impose a BCD on photo voltaic cells and modules to discourage imports on this sector.
However, whereas the Budget Speech delivered by Finance Minister Nirmala Sitharaman had spoke of elevating sure duties on photo voltaic invertors and lanterns to encourage home manufacturing, it didn’t embrace BCDs on these elements.