Federal government, to incentivize renewable energy items, has proposed to extend the exemption in duty for solar panels and related components.
According to budget documents, the exemption in duty on import of solar panels and other related items was suppose to expire on June 30th, 2016.
Now, however, with new proposal it is said that — subject to finance bill approval — all solar items, including panels, will be exempted from any import duty till June 30th, 2017.
Similarly more generic descriptions and classifications are proposed to be included in this list that are exempted from import duty. Such itms will include led bulbs/lights, offgrid portable solar home system etc.
If approved, that it will, current exemption on import duty of renewable energy products will be extended for at least another year.
Government said that move will help the masses to adopt renewable energy solutions at better rates.