Tariffs for renewable energy such as solar and wind power are likely to fall considerable post GST with GST rates falling down for many items barring few exception that go into making of renewable power plants with provision for input credits, according to Head of GST, Ministry of New and Renewable Energy, Mr. Ruchin Gupta.
Speaking at a Conference on GST in Renewable Energy – Decoding Myths & Reality under aegis of PHD Chamber of Commerce and Industry here today, Mr. Gupta though added that many issues are erupting and confronting renewable post GST and the department concerned is seeking their addressal for a win-win situation.
It will though take some time to resolve the surfacing issues since the GST has come into vogue but on tariff front, the department of renewable is quite confident that since majority of renewable items are taxed at 5% GST, the wind and solar power tariff will go down considerably in near future, hinted Mr. Gupta.
According to him, the developers of renewable energy would have to take up the issue of tariff fixation with concerned regulator and with proper homework, the tariffs are likely to be further rationalized.
The Conference was moderated by Director, PHD Chamber, Dr. Ranjeet Mehta who felt that since GST has been seen as the most rationalized and considerate taxation, the tariff of solar and wind energy as also other related renewable would fall in due course of time.
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