Budget 2024: Govt announces discount on solar panels

ISLAMABAD: Aimed to promote green energy in Pakistan, the Federal government on Wednesday decided to give a discount on solar panels in the budget of the financial year 2024-25, ARY News reported.

In a move to meet the required demand in the local market, the federal government announced providing discount on solar plants, machinery, batteries, raw materials, and other related components used in the manufacturing of solar panels locally and demote the dependence on the import of solar panels to save valuable foreign exchange.

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

On the other hand, the different categories of mobile phones are levied with a total of 18 percent sales tax.

READ: Pakistan to present Rs18 trillion budget today

Meanwhile, it has been decided to levy astandard rate of sales tax on various goods, including the 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 1200 MW solar power plant Layyah, Rs 4,500 million for electricity distribution improvement, and Rs 6,000 million for installation of assets performance management system on 100 kV and 200 kV distribution transformers.

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