Govt plans new import tax on solar equipments starting August
4 years, 6 months ago

Govt plans new import tax on solar equipments starting August

Live Mint  

India’s renewable energy ministry has proposed imposing customs duty on some solar power equipment starting Aug. 1 as part of the country’s goal of becoming self-sufficient, the Press Information Bureau said in a statement. The ministry has proposed taxing imports of solar cells, modules and inverters starting August, the statement said, citing power minister Raj Kumar Singh’s interaction with the industry. Indian Prime Minister Narendra Modi gave a call for self-reliance, echoing a global sentiment to diversify supply chains in the post-pandemic world. India currently levies safeguard duty on imports of solar cells and modules from China and Malaysia.

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India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade
4 hours, 26 minutes ago

India may tweak customs duties, regulations in budget to back local component manufacturing, ease trade

Live Mint  

New Delhi: The government may rework and simplify customs duties and procedures in select sectors in the Union budget for FY26 to make it attractive for manufacturers of finished goods to also produce components or semi-finished goods, according to two people familiar with the matter. Calibrating customs tariffs to improve the viability of investments in finished products and the intermediate …

India scraps duty-free import scheme for solar power equipment
4 weeks, 1 day ago

India scraps duty-free import scheme for solar power equipment

Live Mint  

India has scrapped a policy allowing duty-free imports of equipment for solar power generation owing to concerns over revenue losses In an order effective 17 December, the Central Board of Indirect Taxes and Customs has prohibited the use of customs-bonded warehouses for activities related to solar power generation. “However, allowing power generation within warehouses could lead to indefinite deferment of …

The Impact of Higher Tariffs On Inflation In The U.S. And Global Trade Dynamics
2 months, 1 week ago

The Impact of Higher Tariffs On Inflation In The U.S. And Global Trade Dynamics

The Quint  

Understanding Tariffs and Inflation What Are Tariffs? The intent behind tariffs typically includes protecting domestic industries from foreign competition, raising government revenue, and influencing international trade balances. In January 2018, the Trump administration imposed up to 30% tariffs on imported solar panels to protect U.S. manufacturers from foreign competition, particularly from countries like China. This action aimed to promote the …

Impact of US tariffs on solar firms seen limited
3 months, 3 weeks ago

Impact of US tariffs on solar firms seen limited

China Daily  

Employees work at a solar panel production facility in Jinhua, Zhejiang province, in August. The United States' latest move to raise tariffs on upstream polysilicon and wafers from China is expected to have only a limited impact on China's solar power sector, said analysts and companies. Further control over tariffs on photovoltaic imports could increase the cost of solar projects …

Impact of US tariffs on solar firms seen limited
3 months, 3 weeks ago

Impact of US tariffs on solar firms seen limited

China Daily  

Employees work at a solar panel production facility in Jinhua, Zhejiang province, in August. The United States' latest move to raise tariffs on upstream polysilicon and wafers from China is expected to have only a limited impact on China's solar power sector, said analysts and companies. Further control over tariffs on photovoltaic imports could increase the cost of solar projects …

Govt should rationalise customs duty in budget to boost domestic manufacturing: Industry body
5 months, 4 weeks ago

Govt should rationalise customs duty in budget to boost domestic manufacturing: Industry body

New Indian Express  

New Delhi:The Indian Chamber of Commerce has suggested the government to rationalise customs duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost domestic manufacturing. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. Huge potential is …

Rising domestic solar cell production will curb imports from China
6 months, 2 weeks ago

Rising domestic solar cell production will curb imports from China

Hindustan Times  

India expects a surge in domestic solar cell-making capacity in the coming months, which will help reduce its dependence on imported materials from China to manufacture solar panels, the country’s top renewable energy official said. A private security guard walks between rows of photovoltaic solar panels inside a solar power plant at Raisan village near Gandhinagar, Gujarat The nation’s cells …

US announces steep tariffs on China-made EVs, solar cells: Biden's self-contradictions and USA's hypocrisy over trade and self-interest
8 months ago

US announces steep tariffs on China-made EVs, solar cells: Biden's self-contradictions and USA's hypocrisy over trade and self-interest

Op India  

On the 14th of May, the Biden administration in the United States imposed new tariffs on Chinese imports as its fresh move in the ongoing trade war. President Biden said that he is “announcing new tariffs in key sectors of the economy that are going to ensure that our workers are not held back by unfair trade practices.” In an …

Customs duties crucial for openness
8 months, 2 weeks ago

Customs duties crucial for openness

China Daily  

The implementation of the law on customs duties is crucial for advancing high-level international openness, and fostering a market-driven and globally oriented business environment in China, said the country's top legislature. In response to media queries, the NPC Standing Committee's Legislative Affairs Commission said that this law can effectively respond to changes in domestic and international situations. The statement released …

The ‘import restrictions’ on solar PV cells | Explained
9 months ago

The ‘import restrictions’ on solar PV cells | Explained

The Hindu  

The story so far: Recent government orders on attempts to increase local sourcing of solar modules to support India’s renewables manufacturing ecosystem has been widely reported in the media as ‘import restrictions’. India’s domestic renewables sector, at the time, was unlikely to meet the spike in demand for solar power production equipment at rates offered by Chinese manufacturers. According to …

Will new solar power rules boost production? | Explained
9 months, 1 week ago

Will new solar power rules boost production? | Explained

The Hindu  

The story so far: To incentivise India’s solar module manufacturing industry, the Ministry of New and Renewable Energy has brought into effect from April 1 an executive order, The Approved Models and Manufacturers of Solar Photovoltaic Modules Order, 2019. This became necessary because India’s solar industry, its claim of indigenousness notwithstanding, is heavily reliant on imports of cheaper and comparable-quality …

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget
1 year, 11 months ago

‘Rationalise corporate tax rates for...': US group appeals to finance minister ahead of budget

Hindustan Times  

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister Nirmala Sitharaman to simplify and rationalise direct and indirect taxation system in India, a move it believes would increase the confidence of global investors and yield greater foreign direct investment. Union finance minister Nirmala Sitharaman will present the Union budget …

Centre extends timeline for solar projects’ completion
1 year, 11 months ago

Centre extends timeline for solar projects’ completion

Live Mint  

NEW DELHI: In a bid to provide relief to solar power projects stuck amid a shortage of modules, the Centre has extended the deadline for completion of projects for which bids were finalized before the announcement of the basic customs duty on modules. On 9 March, 2021, the Centre announced that from 1 April, 2022 imported solar PV modules would …

Hike In GST Rate On Renewable Energy Devices, Imposition of Basic Customs Duty On Cells To Be Treated As Change In Law: MNRE
2 years, 3 months ago

Hike In GST Rate On Renewable Energy Devices, Imposition of Basic Customs Duty On Cells To Be Treated As Change In Law: MNRE

Live Law  

The Ministry of New & Renewable Energy has issued a circular stating that the increase in the rate of GST on renewable energy devices and the imposition of Basic Customs Duty on cells and modules would be treated as changes in the law.BCD at the rate of 25% has been imposed on imports of solar PV cells and BCD at …

Government announces customs duty cut on iron, steel inputs
2 years, 7 months ago

Government announces customs duty cut on iron, steel inputs

Live Mint  

Finance minister Nirmala Sitharaman said on Saturday that the government will rework customs duty on iron and steel and their raw materials to tame prices. “We are calibrating customs duty on raw materials and intermediaries for iron and steel to reduce their prices. The minister also said the government has decided to reduce customs duty on raw materials and intermediaries …

Domestic solar equipment makers flag low capacity utilisation, seek government intervention
2 years, 9 months ago

Domestic solar equipment makers flag low capacity utilisation, seek government intervention

The Hindu  

The All India Solar Industries Association has urged the government to intervene amid concerns that solar equipment manufacturing units were operating at 30% capacity due to massive imports by traders from China. In a letter to Power Minister R.K. Singh, the representative association for domestic solar equipment makers said: “Having been hopeful of revival for the last decade and survived …

Solar power firms rush to complete projects before duty hike
3 years, 10 months ago

Solar power firms rush to complete projects before duty hike

Live Mint  

Solar power producers are staring at a sharp escalation in costs of projects under construction if they fail to complete them before the government imposes a basic customs duty on imported solar photovoltaic cells and modules from next year. Power producers will, however, be forced to rush to finish projects within deadlines with imported equipment to keep costs under control …

Govt Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs
4 years, 4 months ago

Govt Frames Norms for Enforcement of 'Rules of Origin' for Imports Under FTAs

News 18  

The government has come out with norms for the enforcement of 'rules of origin' provisions for allowing preferential rate of customs duties on products imported under free trade agreements. These rules "shall apply to import of goods into India where the importer makes a claim of preferential rate of duty in terms of a trade agreement," it said. The ''rules …

Govt mulls 20% customs duty on solar power equipment to cut imports: Thakur
4 years, 5 months ago

Govt mulls 20% customs duty on solar power equipment to cut imports: Thakur

Live Mint  

The government is considering a proposal by the Ministry of New and Renewable Energy to impose 20% basic customs duty on solar modules to provide an edge to domestic manufacturers and discourage imports, particularly from China, Minister of State for Finance Anurag Thakur said on Thursday. India imported solar power equipment worth USD 1.2 billion during April-December 2019, he said. …

Union Budget 2019: Customs duty, a major source of govt revenue; helps keep imports under check, protect domestic industries
5 years, 6 months ago

Union Budget 2019: Customs duty, a major source of govt revenue; helps keep imports under check, protect domestic industries

Firstpost  

India has robust trade ties with the rest of the world. The 2007 law also helps customs officials determine the valuation of goods for which quantifiable data does not exist, or if they are not able to verify the true value of the declared good. Types of customs duty Basic customs duty: Basic customs duty is a type of duty …

Budget 2019: India's foreign trade industry seeks tax sops, support for R&D
5 years, 6 months ago

Budget 2019: India's foreign trade industry seeks tax sops, support for R&D

India Today  

As Finance Minister Nirmala Sitharaman prepares to present her first Union Budget on July 5, trade associations involved in import and export want the government to take several steps to boost India's cross border trade. The Federation of Indian Export Organisations also urged a review of the Section 35 of Income Tax Act to provide tax deduction not only on …

Govt hikes import duty on select communication items to up to 20% to check widening CAD
6 years, 3 months ago

Govt hikes import duty on select communication items to up to 20% to check widening CAD

Firstpost  

The CAD widened to 2.4 percent of the GDP in the first quarter of 2018-19. New Delhi: The government Thursday hiked the import duty on certain communication items, including base stations, to up to 20 percent as part of efforts to check a widening current account deficit by curbing imports. Import duty on populated, loaded or stuffed printed circuit boards …

Govt hikes import duties on 19 items; air conditioners, refrigerators, washing machines to get costlier from today
6 years, 3 months ago

Govt hikes import duties on 19 items; air conditioners, refrigerators, washing machines to get costlier from today

India TV News  

The government on Wednesday raised import duties on 19 items, including jet fuel, air conditioners and washing machines. The import duty on air conditioners, household refrigerators and washing machines doubled to 20 per cent. The basic customs duty on compressors, speakers and footwears raised to 10 per cent, 15 per cent and 25 per cent respectively. The duty on radial …

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items
6 years, 3 months ago

ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items

Live Mint  

New Delhi: The government on Wednesday raised import duties on 19 non-essential items, including refrigerators, air conditioners, jewellery, diamonds and jet fuel, accounting for annual imports worth ₹ 86,000 crore, to arrest a widening current account deficit and a weakening rupee. The imposition of a 5% import duty on jet fuel is, however, unlikely to increase air fare as India …

Safeguard duty proposal has deepened uncertainty in the solar energy sector
6 years, 4 months ago

Safeguard duty proposal has deepened uncertainty in the solar energy sector

Live Mint  

The safeguard duty on solar cells and modules, now temporarily withdrawn, is a cloud over the Indian solar energy sector. Two, the two-year duration of the safeguard duty is seen to be too short a time for the local manufacturing sector to gain a foothold. Indian solar manufacturing has been plagued by lack of scale, outdated machinery and lack of …

Govt goes easy on safeguard duty on solar module shipments
6 years, 5 months ago

Govt goes easy on safeguard duty on solar module shipments

Live Mint  

Mumbai: In the face of mounting pressure from both the renewable energy industry and courts, the government has temporarily suspended the 25% safeguard duty on solar cells and modules imported from China and Malaysia. Monday’s government order, signed by Under Secretary Mohit Tewari, has asked that the safeguard duty on solar cells and modules imported into India “be assessed provisionally …

Opinion: Let China pay for India’s solar push
6 years, 5 months ago

Opinion: Let China pay for India’s solar push

Live Mint  

It is a well-known fact that China’s solar sector is highly subsidized. However, India’s current production of solar cells and modules is much less sophisticated and not competitive enough to replace the Chinese product. This is why an import tax on solar cells ironically undermines India’s own magic formula for the energy transition: an effective carbon emissions reduction along with …

Safeguard duty on imported modules will raise solar power tariffs up to ₹3 per unit: ratings agencies
6 years, 5 months ago

Safeguard duty on imported modules will raise solar power tariffs up to ₹3 per unit: ratings agencies

Live Mint  

Mumbai: Solar power tariffs will rise to ₹ 2.9-3.2 per unit if the government imposes a safeguard duty on solar modules imported from China and Malaysia, as recommended by the Directorate General of Trade Remedies. In a research note, ratings agency Crisil said that the duty could raise capital costs for solar projects based on imported modules by approximately 15-20%. …

DGTR wants duty levied on imported solar panels
6 years, 5 months ago

DGTR wants duty levied on imported solar panels

Live Mint  

New Delhi: The Directorate General of Trade Remedies on Monday recommended imposing a safeguard duty for two years on solar cells and modules imported from China and Malaysia, in a move that may impact India’s solar power generation plans. “If such a duty is levied, it will impact solar power tariffs by 15-30%,” said a New Delhi-based solar power developer …

The mismatch between tariffs and costs in the Indian solar sector
6 years, 6 months ago

The mismatch between tariffs and costs in the Indian solar sector

Live Mint  

Auctions are aimed at bringing out the most competitive bids. Now we have revised that to a 34% drop, to an end-2018 global average of 24.4 U.S. cents per watt,” Pietro Radoia, senior solar analyst, Bloomberg New Energy Finance, said in a statement. “In addition, they are also uncertain about the proposed safeguard duties that could be slapped on Chinese …

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