New Delhi, Sept. 22 -- Renewable energy developers and investors in the energy transition space are likely to save Rs.1-1.5 trillion due to the recent indirect tax cuts, as India aims to achieve 500 GW installed non-fossil power generation capacity by 2030, Union minister for new and renewable energy Pralhad Joshi said on Monday.

The new Goods and Services Tax (GST) rates came into effect on Monday. Tax rate on renewable energy equipment, including solar cells, biogas plants and windmill equipment has been reduced to 5% from 12%.

Addressing a national conference on energy storage in New Delhi, Joshi said: "Approximately 248GW of non-fossil capacity will be implemented further in the next five years. With this GST cut, savings will stand...