GST Council cuts tax rate on renewable energy equipment to 5%
New Delhi: In a significant boost for renewable energy component manufacturing in the country, the Goods and Services Tax (GST) Council on Wednesday decided to reduce the tax rate on these components, including solar cells, biogas plants and windmill equipment, to 5% from 12%.
In a notification, the Central Board of Indirect Taxes and Customs noted that the objective of the move is to promote renewable energy goods in the country.
