Home
|
Sitemap
|
FAQs
|
Contact Us
Product
Country
Menu
About Agri Exchange
Introduction
Apeda Agri Exchange
The Vision
Benefits / Facilities
To Exporters
To Buyers
Product Profile
Floriculture
Floriculture
Fruits & Vegetables Seeds
Fresh fruits & Vegetables
Fresh Onion
Other Fresh Vegetables
Walnuts
Fresh Mangoes
Fresh Grapes
Other Fresh Fruits
Others (Betel Leaves & Nuts)
Processed Fruits & Vegetables
Cucumber and Gherkins (Prepd. & Presvd.)
Processed Vegetables
Mango Pulp
Processed Fruits,Juices & Nuts
Pulses
Animal Products
Buffalo Meat
Sheep/ Goat Meat
Other Meat
Processed Meat
Animal Casing
Poultry Products
Dairy Products
Natural Honey
Caseins
Albumin (Eggs & Milk)
Other Processed Foods
Groundnuts
Guar Gum
Jaggery & confectionery
Cocoa Products
Cereal Preparation
Milled Products
Alcoholic Beverages
Miscellaneous Preperations
Cereals
Basmati Rice
Non Basmati Rice
Wheat
Maize
Other Cereals
Country Profile
United Arab Emirates
Saudi Arabia
Malaysia
Bangladesh
United States
Vietnam
Kuwait
Iran
United Kingdom
Indonesia
...View more country profiles
FTA's
Analytical Report on FTAs
Tariff Concession under FTAs
Statistics
International Trade
India's Export
India's Import
Production
International Production
India Production
Market Intelligence
e-Bulletin
Global Analytical Report
India's Export Analytical Report
Comparative Report On APEDA Products
Comparative Report On Principal Commodities
Import Tariffs
Import Regulations
SPS Notifications
DGFT : Public Notice, Notifications, Circular and Trade Notice
India Food Safety & Standards
Market Reports
Foreign Trade Policy 2023
Chapter 01 - Legal Framework and Trade Facilitation
Chapter 02 - General Provisions Regarding Imports and Exports
Chapter 03 - Developing Districts as Export Hubs
Chapter 04 - Duty Exemption Remission Schemes
Chapter 05 - Export Promotion Capital Goods (EPCG) Scheme
Chapter 06 - Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs)
Chapter 07 - Deemed Exports
Chapter 08 - Quality Complaints and Trade Disputes
Chapter 09 - Promoting Cross Border Trade in Digital Economy
Chapter 10 - Scomet: Special Chemicals, Organisms, Materials, Equipment and Technologies
Chapter 11 - Definitions
Newsletters
Latest News
Latest Newsletter
Archives
Directory
Exporters
Service Providers
Logistics
Trade Leads
Submit New lead
Buy Leads
Sell Leads
Indian Mission Login
Market News
Commerce ministry suggests host of incentives to revamp SEZs.
Aug 16, 2022
The government's move to revamp special economic zones (SEZs) could begin with the introduction of a host of direct and indirect incentives, as proposed by the commerce ministry, an official said.
The expected incentives could include deferral of import duties and exemption from export taxes, which could pave the path for revamping Special Economic Zones, through a new legislation.
The Centre proposed in the Union Budget this year, to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH).
The commerce ministry has sought views of different ministries, including finance, on the new bill, PTI quoted an official as saying.
After collating the feedback, the ministry would seek approval of the Cabinet and then introduce the new bill in Parliament.
The proposals seek to provide incentives such as retention of zero-rating of IGST (integrated goods and services tax) on domestic procurement by a unit in an SEZ; continuation of indirect tax benefits to developers of these zones; and allowing depreciation on sale of used capital goods cleared to domestic tariff areas.
Moreover, there is also a plan to extend the corporate tax rate to 15 per cent without any exemptions for units undertaking authorised operations in these development hubs.
States can also provide support measures to these zones to boost manufacturing and job creation.
The existing SEZ Act was enacted in 2006 with an aim to create export hubs and boost manufacturing in the country. However, these zones started losing their sheen after imposition of minimum alternate tax and introduction of sunset clause for removal of tax incentives.
These zones are treated as foreign entities in terms of provisions related to customs. Industry has time and again demanded continuation of tax benefits provided under the law. Units in SEZs used to enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years and 50 per cent of the ploughed back export profit for another five years.
In the Budget 2016-17, the government had announced that the income tax benefits to new SEZ units would be available to only those units which commence activity before March 31, 2020.
As on June 30, 2022, the government has given formal approvals to 425 SEZ developers, out of which 268 are operational. These zones have attracted about Rs 6.5 lakh crore investments and employ about 27 lakh persons.
During April-June this fiscal, exports from these zones rose by 32 per cent to about Rs 2.9 lakh crore. It was about Rs 10 lakh crore in 2021-22 as compared to Rs 7.6 lakh crore in 2020-21.
Presenting the Budget 2022-23 , Finance Minister Nirmala Sitharaman had said: "The Special Economic Zones Act will be replaced with a new legislation that will enable the states to become partners in Development of Enterprise and Service Hubs."
This would cover all large existing and new industrial enclaves to optimally utilise available infrastructure and enhance competitiveness of exports.
m.economictimes.com
Archive