Monday, July 15, 2024

Budget 2024-25: Government Promotes Green Energy with Discounts on Solar Panels

The federal government has decided to offer discounts on solar panels in the budget for the financial year 2024-25.

To meet the growing demand in the local market, the government announced discounts on solar plants, machinery, batteries, raw materials, and other related components used in the local manufacturing of solar panels. This initiative is intended to reduce reliance on imported solar panels, thereby saving valuable foreign exchange.

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According to the budgetary document released on Wednesday, the sales tax, concessional rates, and exemptions will be abolished during the fiscal year 2024-25.

Conversely, different categories of mobile phones will be subject to a total of 18 percent sales tax. Additionally, a standard rate of sales tax will be levied on various goods, including a withholding tax on scrap materials such as copper, coal, paper, and plastic.

For the new scheme, an amount of Rs 6,250 million has been earmarked for land acquisition for the installation of a 1200 MW solar power plant in Layyah, Rs 4,500 million for electricity distribution improvement, and Rs 6,000 million for the installation of an asset performance management system on 100 kV and 200 kV distribution transformers.

Moreover, Rs 34,148.335 million has been allocated for the evacuation of power from Dasu HPP stage-1, Rs 16,801 million for power evacuation from Suki Kinari and Kohala, Rs 2,200 million from Tarbela 5th Extension, Rs 1,007 million from wind power projects in Jhimpir, Rs 2,344 million for the installation of a pilot battery energy storage system, Rs 11,341 million for the upgradation of NTDC telecommunication, Rs 6,600 million for the 220 kV Dharki-Rahim Yar Khan project, Rs 7,230 million for the extension and augmentation of existing 500 kV and 220 kV grid stations, Rs 4,615.686 million for the 500 kV Islamabad West project, Rs 2,750 million for the 220 kV Arifwala Substation, and Rs 4,430.200 million for the 500/220 kV Sialkot Substation.

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