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Date: 29/09/2023

India mulls its own carbon tax on the lines of the EU’s CBAM

India is mulling its own carbon tax, on the lines of the European Union’s proposed Carbon Border Adjustment Mechanism (CBAM) principles, especially for exports to the European nations. Under these taxation norms, India will collect the tax proceeds itself instead of sharing it with the EU. On the lines of CBAM, it is proposed that Indian officials will selectively levy or charge the tax applicable only to EU exports affected by CBAM. The tax thus remains within India and will be accounted for at the time of export (through carbon credit or certification). A countervailing tax on imports coming into India from the EU is also being mulled. The CBAM framework will likely impact 15-40 per cent of India’s steel exports to Europe, which will be seen from the calendar year 2026 to 2034, as per a report.
 
Source: Exim News Service: New Delhi, Sept. 28



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