New Delhi, June 12 (IANS). The Central Government has waived custom duty on the import of certain goods used in nuclear energy production. This relaxation will be applicable for the period from 1 April 2019 to 31 January 2026.
According to the notification issued by the Finance Ministry, the companies which had imported eligible goods related to nuclear energy during this period will no longer be charged custom duty. That means the government has implemented this exemption retrospectively.
The relief given by the government will be applicable on the import of non-irradiated fuel elements and cartridges used in nuclear reactors. These materials play an important role in nuclear power generation.
The government said the practice of not charging custom duty on such imports was already in place. This has now been formally recognised, so that there is no tax liability on imports during this period.
Nuclear Power Corporation of India Limited (NPCIL) is expected to be the biggest beneficiary of this decision. NPCIL imports fuel assemblies and other essential materials for nuclear power plants in the country. Apart from this, other companies associated with India’s nuclear energy sector will also get relief from this.
This decision has come at a time when India is emphasizing on increasing clean energy capacity and strengthening the share of nuclear energy in the energy mix. The Government believes that nuclear energy will play an important role in meeting future clean and stable energy needs.
Earlier, the government had also reduced excise duty on high ethanol blended petrol to zero. This discount has been applied on petrol with ethanol blend of 22 percent, 25 percent, 27 percent and 30 percent.
According to the notification, these ethanol-blended motor spirits conforming to Bureau of Indian Standards (BIS) specifications will no longer attract excise duty, which includes blends where the ethanol content ranges from 22 per cent to 30 per cent by volume.
–IANS
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