SOLAR MODULE IMPORTS TO FACE 40% CUSTOM DUTY, CELLS 25%.
India plans to impose new tariffs on imports of solar cells and modules from 1st April 2022.
The finance ministry will issue an order to impose a basic customs duty of 40% on modules and 25% on solar cells as a part of the Atmanirbhar Bharat or self-reliant India strategy. The customs duty will replace a 15% safeguard duty that is being imposed on imports from China & Malaysia. Such a move will make solar cells and modules imported from China expensive and is being seen as part of an economic response to the violent face-off with China along the Ladakh border. Along with leveraging its growing green energy market to boost manufacturing. India is looking to play a larger role in global supply chains.
