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Special Economic Zone (SEZ): The provisions relating to SEZ are contained in Special Economic Zone Act, 2005 and SEZ Rules, 2006.
SEZs are like a separate island within territory of India.
SEZs are projected as duty free area for the purpose of trade, operation, duty and tariffs.
Goods and services coming to SEZ units from domestic tariff area are treated as exports from India and goods and services rendered from SEZ to the DTA are treated as import into India.
Any proposal for setting up of SEZ unit in the Private/ Joint/ State Sector is routed through the concerned State government who in turn forwards the same to the Department of Commerce with its recommendations for consideration.
The following incentives offered to the units in SEZ:
1. Duty free import/ domestic procurement of goods for development, operation and maintenance of SEZ units.
2. Single window clearance for Central and State level approvals.
3. Exemption from State sales tax and other levies as extended by the respective State Governments.
4. “In order to give a boost to exports from SEZs, government has now decided to extend benefits of both the reward schemes (MEIS and SEIS) to units located in SEZs.
5. SEZs have been exempted from payment of IGST on imports. Supplies to SEZs by DTA units also exempted from IGST (i.e. zero rated supply).
CMA Sandeep Kumar – Founder – CMA CLUB INDIA
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