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Mr. Nikunj Ghodawat, CFO, CleanMax, on Budget 2022, says – It’s a reasonably balanced budget not influenced by the upcoming Elections. The Higher allocation for government capex is a good news. While high level emphasis on clean energy was very encouraging but no major announcement, except the PLI scheme which benefits only solar manufacturers and nothing much for Renewable energy developers. Direction for simplifying tax litigation is a good sign, though need to see it’s fine print and how it gets implemented. Also, there was no major change in direct tax.
After reading the fine print on BCD in Budget 2022, Mr. Nikunj Ghodawat, CFO, CleanMax, explains that “The basic customs duty (BCD) on imported solar modules will be increased to 40% effective from 1st April 2022, as per the fine print in the budget.
While this was half expected but with the current domestic manufacturing capacity inadequate to serve the nations clean energy ambitions, these duties will eventually lead to increase in solar tarffis and hamper growth of new installation in India”.
