GST Slashed to Boost India's Renewable Energy Mission

In a major boost for India's renewable energy sector, Union Minister Pralhad Joshi revealed that a reduction in GST on renewable energy will help save investors up to Rs 1.5 lakh crore by 2030.

This announcement, made on the first day of the GST reduction's implementation, coincides with the onset of Navratri and aims to facilitate India's target of producing 500 GW of renewable energy by the year 2030.

The decrease in GST from 18% to 5% on renewable equipment is anticipated to reduce costs and enhance investment capacity, supporting initiatives like the PM Surya Ghar: Muft Bijli Yojana, which has already benefitted 20 lakh homes.