Tax relief for renewables

*Jaitley with budget bag in hand at Parliament House on 1 February 2017.*

#Finance Minister Arun Jaitley has announced substantial relief in Customs and Excise Duties for #Renewable Energy Sector and for manufacture of #Cashless Transaction Devices.

In a bid to incentivize domestic value addition under Make-in-India initiative of the Government, he 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/byproduct Hydrogen; LED lights or fixtures etc.

The Finance Minister has proposed, in Budget 2017-18 presented 1 Feb 2017, zero Customs and Excise duties on certain items related to cashless transaction devices to promote domestic manufacturing of these products.

Proposals for reduction in Customs duty on inputs and raw materials to reduce costs and for incentivizing domestic value addition under Make-in-India have been submitted for certain items like Liquefied Natural Gas, Nickel, Vegetable Tanning Extracts and certain Capital Goods. fii-news.com