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In a major boost to India's clean energy transition, Union Minister for New Renewable Energy Pralhad Joshi on Monday announced that the recent GST reduction on renewable energy equipment could save investors between Rs 1 lakh crore to Rs 1.5 lakh crore by 2030. The announcement came on the first day of implementation of the GST rate cut, which the GST Council, comprising the Centre and states, decided to roll out from September 22, coinciding with the beginning of the Navratri festival. The GS
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FAQ :
The GST rate on renewable energy equipment has been reduced from 18% to 5%.
Investors could save between Rs 1 lakh crore and Rs 1.5 lakh crore by 2030.
The GST rate cut was implemented from September 22nd.
India aims to achieve a renewable energy capacity of 500 GW by 2030.
Households will see savings on rooftop solar systems, with a 3 kW system costing Rs 9,000-10,500 less. Farmers will benefit from cheaper solar pumps under the PM-KUSUM scheme, saving nearly Rs 1,750 crore in total for around 10 lakh pumps.
Over 50% of India's installed power capacity now comes from non-fossil fuel sources, achieved five years ahead of schedule.
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