Budget 2023-24: Govt proposes to abolish customs duty on solar panel

In a bid to encourage power generation through alternative energy sources, the federal government on Friday suggested to abolish customs duty on solar panel and its related equipment in the budget for the fiscal year 2023-24.

The move is aimed at promoting local manufactures of solar panel and encouraging the use of solar energy in the country.

In the finance bill, the government proposed to exempt inverters, batteries and other related equipment from the duty.

Finance Minister Ishaq Dar presented the federal budget for the fiscal year 2023-24 with a total outlay of more than Rs14 trillion as the country goes through severe economic and political crises.

Here are the relief measures

• Increase in BISP allocation from Rs400 billion to Rs450 billion
• Targeted subsidy on wheat flour, ghee, pulses, rice through USC
• Increase in salaries of civil servants in the form of Ad-hoc Relief Allowance
• Increase in rates of following allowances
• Daily and mileage allowance
• Additional charge current charge allowance
• Orderly allowance
• Special conveyance allowance for disabled
• Increase in pension and increase in minimum pension to Rs12,000
• Minimum wage increase from Rs25,000 to Rs30,000 in ICT Loan write-off scheme for widows
• Health insurance card for working journalists and artists