GST cut to save Rs 1–1.5 trillion by 2030 for RE sector, says Pralhad Joshi

The reduction of Goods and Services Tax to 5% from 12% earlier on the renewable energy value chain will save up to Rs 1-1.5 trillion by 2030 while achieving the target of 500 gigawatts (GW) of renewable energy capacity by 2030, Union Minister for New and Renewable Energy Pralhad Joshi said on Monday.

“Approximately for the target of 248 GW which we will install further in the coming five years, the savings with this GST cut will be nearly Rs 1-1.5 trillion. This will be the biggest advantage,” Joshi said.