A Special Economic Zone (SEZ) is a geographical region
that is designed to export goods and provide employment. SEZs are exempt
from federal laws regarding taxes, quotas, FDI-bans, labour laws and
other restrictive laws in order to make the goods manufactured in the
SEZ at a globally competitive price
SEZ includes -
Free Trade Zones
Export Processing Zones
Free Zones
The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005
The major incentives and facilities available to SEZ developers include:-
SEZ includes -
Free Trade Zones
Export Processing Zones
Free Zones
The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005
The major incentives and facilities available to SEZ developers include:-
- Exemption from customs/excise duties for development of SEZs for authorized operations approved by the BOA.
- Income Tax exemption on income derived from the business of development of the SEZ in a block of 10 years in 15 years under Section 80-IAB of the Income Tax Act.
- Exemption from minimum alternate tax under Section 115 JB of the Income Tax Act.
- Exemption from dividend distribution tax under Section 115O of the Income Tax Act.
- Exemption from Central Sales Tax (CST).
- Exemption from Service Tax (Section 7, 26 and Second Schedule of the SEZ Act).
No comments:
Post a Comment