Budget 2017-18 proposes Reduction in Customs and Excise for Renewable Energy Sector

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In a bid to incentivize 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

The Union Minister for Finance and Corporate Affairs, Arun Jaitley while presenting the General Budget 2017-18 in Parliament today 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, the Finance Minister has proposed to reduce Customs and Excise duties on several items related to the Renewable Energy Sector.

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The Finance Minister has also proposed 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.

Arun Jaitley announced that around 7,000 railway stations would be solar powered and work has already started in that respect in 300 stations.