With the most-hyped, Goods and Services Taxes (GST) coming onto effect from July, 01, 2017 – it has certainly left different industries with different opinions – here’s what Anurag Garg, Vice President, Solar and Energy Storage Business, Schneider Electric India has to say about it: “The government’s decision to levy 5% GST on solar panels as against the earlier classification of 18% comes as a major reprieve to the industry. The fact that it is still higher than the present effective tax rate of zero will, no doubt, impact project costs marginally. Also, under the new tax regime, solar has been placed at par with coal which seems to indicate that the country is moving towards grid parity in true sense. This augurs well for the long term energy security of the country. This, quite rightly, addresses the unique energy dilemma that India faces considering that close to 18,000 villages do not have access to energy, but, at the same time, the country has a strong commitment to reduce its carbon footprints”.
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