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Gyanesh Chaudhary, CEO and Managing Director, at Vikram Solar suggested that the government should increase subsidy on solar rooftop installations to 50%, remove service tax on renewable project installations, extend tax holiday on solar projects by 10 years, and lift excise duty on solar equipment and raw material in the budget.
“Increased subsidy on rooftop solar installations from 30% to 50% in the budget will help India achieve its overall target of 100 GW by 2022 said Gyanesh Chaudhary, CEO and Managing Director, at Vikram Solar.
“In case the government finds it unfeasible to increase subsidy, it may be provisioned that investment in rooftop solar by an individual is allowed to get a deduction of Rs 2,00,000 under section 80C of the Income Tax Act,” said Chaudhary in his budget expectation statement.
According to him, the current 10 years tax holiday should be extended for another 10 years. “This is crucial keeping in mind that the setting up of any new industrial project inevitably takes a huge amount of time,” he said.
“We request the government to completely lift excise duties with regards to machinery, equipment and spares deployed in a regular factory set up, meant for solar energy production projects. Additionally, full exemption from excise for raw materials required for manufacturing solar modules such as, tempered glass, back sheet, EVA Sheet, solar cells, flat copper wire which are needed for making PV Ribbons etc. The same should be applicable for GST,” he said.
“The centre should also look at exempting import duties on components and equipment that are required for establishing solar power plants, with the roll out of GST,” he said.
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