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India Budget 2016-17…Whats in it for Renewables ?

India Budget 2016-17…Whats in it for Renewables ?

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  • Clean Energy Cess’ levied on coal, lignite and peat renamed to ‘Clean Environment Cess’ and rate increased from `200 per tonne to `400 per tonne.
  • Cess on coal, lignite or peat, produced or  Clean Energy Cess / Clean Environment  extracted as per traditional and customary  rights enjoyed by local tribals without any  license or lease in the State of Nagaland  being exempted to be increased to Rs.200 per tonne from nil.
  • The accelerated depreciation provided under Income Tax Act will be  limited to maximum 40% from 1.4.2017.
  • Increase in effective service tax rate through an additional 0.5% cess
  • Basic Custom Duty on Industrial solar water heater being increased from 7.5% present to 10% 
  • BCD exemption on solar tempered glass / solar tempered (anti-reflective coated) glass being withdrawn and 5% concessional BCD being imposed, subject to actual user conditions.
  • Solar lamp being exempt from excise duty
  • Allocation to MNRE increased to Rs.5036 crore from actual Rs.515 crore in 14-15 and Rs.262 crore in RE 15-16
  • Excise duty on carbon pultrusions used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind operated electricity generators being reduced from 12.5% to 6%
  • Excise duty on Unsaturated Polyester Resin (polyester based infusion resin and hand layup resin), Hardeners/Hardener for adhesive resin, Vinyl Easter Adhesive (VEA) and Epoxy Resin used for manufacture of rotor blades, and intermediates, parts and sub-parts of rotor blades for wind operated electricity generators being increased from nil to 6%
  • “Valid agreement between importer / producer of power with urban local body for processing of municipal solid waste for not less than ten years from the date of commissioning of project” being provided as an alternative condition for availing concessional customs/excise duty benefits in case of power generation project based on municipal and urban waste.
  • To augment infrastructure spending further, Government will permit mobilisation of additional finances to the extent of `31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Water Authority through raising of Bonds during 2016-17.
  • As on 23rd February, 2016, 5542 villages have been electrified. This is more than the total combined achievement of previous three years. The Government is committed to achieve 100% village electrification by 1st May, 2018. ` 8,500 crore has been provided for Deendayal Upadhayaya Gram Jyoti Yojna and Integrated Power Development Schemes.
  • Infrastructure and Energy sector will get Rs.246,246.39 crore up from Rs.185,139 crore actual in 14-15, RE 2015-16 was Rs.180,610 crore and BE 2016-17 is Rs.221,246 crore

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Anand Gupta Editor - EQ Int'l Media Network

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