Business Other News 02 Sep 2016 GST worries solar pa ...

GST worries solar panel companies

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Sep 2, 2016, 1:58 am IST
Updated Sep 2, 2016, 2:03 am IST
GST, if implemented, will be a huge risk for the industry as it will raise the cost by about 10 to 15 per cent. (Representational image)
 GST, if implemented, will be a huge risk for the industry as it will raise the cost by about 10 to 15 per cent. (Representational image)

Hyderabad: Solar equipment manufacturers on Thursday expressed concerns about the possible rise in the cost of power projects once the Goods and Services Tax is implemented.

Speaking at a UBM India event, Solar Power Equipment Manufacturers’ Association of Telangana president Surender Pal Singh said: “GST, if implemented, will be a huge risk for the industry as it will raise the cost by about 10 to 15 per cent. Currently, the sector enjoys almost zero tax structure in most of the states with VAT reimbursement by states.” He went on to add that the Goods and Services Tax  would not only raise the costs for the domestic firms but also put them in the back seat against China. “Goods and Services Tax will be a big issue as imports from China and Taiwan currently don’t pay for customs,” he said.

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