(MENAFN- KNN India)
Power Ministry To Pitch For GST Cut On Components Of Hydropower Projects New Delhi, Sept 6 (KNN) The Ministry of Power is considering to propose reduction in the goods and services tax (GST) imposed on variparts used in hydropower projects, reported Mint.
The Ministry may seek lowering the GST rate for items such as turbines, steel, and cement, which currently fall under higher tax brackets.
This proposal has been under discussion during a recent ministry meeting.
There is a possibility that it will be raised with the finance ministry.
The Central Electricity Authority (CEA) has also placed a case for a reduction in GST rates.
Since the tax rate on these components is currently set at 18% or higher, the crucial goal is to bring these levies below the 18% threshold.
The proposal to the finance ministry would recommend reclassifying these items into the 5% GST slab, as stakeholders recommended.
For turbines and steel, the GST rate is currently 18%, while cement falls under the highest slab with a 28% GST rate.
(KNN Bureau)
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