UK recognises India’s carbon credit trading scheme

The U.K. has recognized India's Carbon Credit Trading Scheme (CCTS) as a qualifying criterion for pricing relief under its carbon border adjustment mechanism (CBAM). This move, confirmed by the U.K.'s HM Treasury, will reduce the tax burden on domestic exporters by allowing U.K. importers of eligible Indian goods to seek carbon price relief corresponding to the effective carbon price borne by those goods under the CCTS.

The recognition follows extensive technical-level engagement between the two governments and reflects the U.K. CBAM's commitment to avoiding double taxation on goods that have already borne an eligible carbon price in their country of origin.

Brief written by urgent.news from The Hindu - Sci-Tech's own syndicated text. Machine-written — may contain errors; check the original before relying on it.