Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
A view of the Chennai Port Trust container yard
Solar power producers are in a fix with over 1,000 containers of Chinese-made solar panels lying uncleared in Chennai following a dispute over Customs duty on them.
The bulk of solar panels, valued at about ₹500 crore, were imported through the Chennai port, and a few through Katupalli and Krishnapattinam ports. These panels were to be deployed in Telengana and Karnataka.
Customs claimThe dispute between importers and Customs department has been going on for three to four months. It started at Nhava Sheva port but the impact has been more at Chennai.
Solar panels attract zero per cent Customs duty. However, Customs have categorised solar panels as ‘electrical motors and generators’ that attract 7.5 per cent duty, which is being disputed by importers.
Sources said the department maintains that the panels can be used directly to produce electricity. However, importers argue that solar panels cannot be used directly, and that the power produced are sent to the power grid.
Govt subsidyMost of the importers, including a number of small-time companies, ordered the solar panels in view of the subsidy given by the government. The 7.5 per cent Customs duty was not factored in while placing the order.
Sources said that 1 MW of solar power require about five FEUs (forty foot equivalent units) loads of solar panels.
Under the National Solar Mission approved by Union Cabinet on June 2015, the government has set a target for grid-connected solar power projects of nearly 100,000 MW by 2021-22. This necessitated bulk import of solar panels from China, sources said.
The misclassification of solar modules by port authorities has created confusion and delays in the sector.
Developers are facing extremely competitive solar auctions, which means returns are low and every penny counts. By misclassifying solar panels, Customs have further disrupted development of projects by delaying some projects by months and also adding to project costs, said Raj Prabhu, CEO, Mercom Capital Group, a global renewable energy consulting company.
Duty-free import provisionTill recently, solar modules were imported under a category that permitted duty-free import of “diodes, transistors and similar semiconductor devices; photosensitive semiconductor devices, including photovoltaic cells, whether or not assembled in modules or made up into panels, among others.
Indian solar industry has so far depended on imports, and change in Customs duty has created uncertainty and a possible hurdle for project developers, he said.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna
Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies
Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity
Three-in-one: Passive debt funds come at a low cost and have high-quality portfolios. Some offer return ...
Trend in the rupee movement and Q4 earnings can give direction to the market
There is room for improvement in fund transfer options
Silver looks positive but lacks the higher volumes required to substantiate bullishness
Murder is a theme that is unlikely to darken and yellow with time, the writer Truman Capote had once said.
In her novel based on the life of Rani Jindan Kaur, author Chitra Banerjee Divakaruni crafts a hero for the ...
A domineering father, three resentful sons and a vile plan — director Dileesh Pothan, screenwriter Syam ...
Actor Adil Hussain on theatre, communal amity and citizenship in a new book about Assam and its many ...
Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Now let the games ...
And what marketers can possibly do to bring it back in our lives
The agency has changed form over the years but its lustre has not dimmed
Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor