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India scraps duty-free import scheme for solar power equipment
Mint Mumbai
|December 18, 2024
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 Tuesday, the Central Board of Indirect Taxes and Customs (CBIC) has prohibited the use of customs-bonded warehouses for "activities related to solar power generation". These warehouses are licensed facilities where imported goods can be stored without immediate customs duty payments.
The move marks a significant change in the application of the Manufacturing and Other Operations in Warehouse Regulations. Designed to boost local production, the framework allows deferred customs duties on imports for manufacturing items sold domestically or exported, with no time limit for storage.
CBIC said the withdrawal was taken in public interest.
This story is from the December 18, 2024 edition of Mint Mumbai.
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