GST on Renewable Devices is 12%, Not 5%: FM Clarifies in Rajya Sabha

Finance Minister Nirmala Sitharaman has clarified in Rajya Sabha that "GST on renewable devices is 12%, not 5%." This statement provides critical clarity regarding the Goods and Services Tax (GST) rate applicable to renewable energy devices and parts. While some components or services related to renewable energy might attract a lower rate, the comprehensive rate for the devices themselves is 12%. This clarification is essential for businesses in the renewable energy sector for accurate tax planning, pricing, and compliance, ensuring uniformity in tax application.