Solar panels will be cheaper across the country, and tax on raw materials and other equipment has been announced.
Federal Minister of Finance, Senator Muhammad Aurangzeb, during the Budget 2024 speech, announced to give discounts on imports for the promotion of the solar panel industry. are going
The finance minister said that in this regard, concessions are being given on the import of plant, machinery, related equipment, and raw materials and parts used in the manufacture of solar panels, inverters, and batteries. The finance minister said that these concessions aim to reduce dependence on imported solar panels and save valuable foreign exchange.
It should be noted that in the upcoming fiscal year budget 2024-25 presented by the government, an extraordinary tax exemption has been given on its raw materials for the promotion of solar energy in the country, after which solar panels, solar inverters, solar batteries, and other things. The prices will decrease further.
According to the finance bill, the government has abolished the tax on almost the raw materials of solar cell manufacture in the budget, in the budget of the last fiscal year, there was a 3% tax on its raw materials, besides, according to the finance bill, the government has introduced solar PV. Tax on machinery and equipment used in the manufacture of module panels has also been zeroed.
Similarly, the government has also reduced the tax on machinery or equipment used in the manufacture of solar inverters to zero, in the next fiscal year’s budget, the tax on machinery and equipment used in the manufacture of lithium-ion batteries has been abolished.
