“ Budget 2024: Industry body seeks tax holiday on standalone battery storage ”

   22-Feb-2023

The GST for advanced batteries on the higher side ranges between 18 per cent to 28 per cent. Industry body India Energy Storage Alliance (IESA) has demanded a 10-year tax holiday for projects with standalone battery energy storage using renewable energy. In a pre-budget memorandum sent to the finance ministry, IESA also suggested to exempt custom duty for energy storage systems being imported particularly from the countries where India has ties on free-trade agreements like Korea, Taiwan, Japan, Vietnam, the USA, EU countries etc. Stay tuned for all the latest updates on Ram Mandir! Click here Rahul Walawalkar, Founder and President of India Energy Storage Alliance and President & MD, Customized Energy Solutions (CES), India said the country has a great opportunity to become a global hub for supply chain of advanced battery manufacturing ecosystem. IESA expects the upcoming Union Budget 2024 to consider a special incentive program for battery raw materials and chemical processing and tax incentives which will bring more investments to India's fast-growing energy storage industry. In its memorandum, the IESA emphasized on 10-year tax holidays for projects with standalone battery energy storage using renewables to charge the battery, Storage with Transmission element, & Storage with Renewable plants.