Steep duty on solar equipment from April 2022

According to a March 9 notification from the ministry of new and renewable energy, the idea is to emerge as a leading global supplier of these items, besides meeting India’s requirements locally. The two items, which currently do not attract BCD, will come under it at the specified rates from April 1, 2022. There will be no grandfathering of power projects that are already bid out, considering the one-year period is sufficient to help developers secure the required raw materials in time.
Mint earlier reported India’s plans to impose new tariffs on imports of solar cells and modules from April 1 2022, citing Union minister Raj K Singh.“The ministry of finance has also advised that the customs notification in this regard shall be issued at the appropriate time,” the notification said.