Search Result for : Sez

By Ranjeet Mahtani & Stella Joseph The Goods and Services Tax (GST) regime has now been implemented in the country. At this initial stage, certain issues require ironing out, one of them is the treatment of exports under GST. Exports and supplies made to a Special Economic Zone (SEZ) are zero rated under the GST, which implies that there are two options given to exporters: one is to export the goods/ services without any payment of GST and file for refund of the inputs/input services, in terms of the prescribed formula. The second option is to charge IGST on the export and claim refund of the said IGST. The first option is preferred if the exporter wants to avoid an upfront payment ...

The Dollar Business Bureau Data from the Ministry of Commerce website showed that exports from SEZs grew by about 12% to Rs 5.24 lakh crore and attracted investments worth Rs 4.23 lakh crore in 2016-17. While the country’s overall exports recorded a growth of 16.23% in rupee terms. States like Tamilnadu, Telangana, Maharashtra and Karnataka have the highest number of SEZs operational in the country. The Government has approved as many as 421 zones till May 1, of these 218 of them are operational. SEZs all over India have generated employment for 17.31 lakh people. As a special provision to increase exports from SEZs, under GST, the government has decided to treat the supplies reaching the SEZs from the domestic market at par with ...

The Dollar Business Bureau Taiwanese electronics major Foxconn Technology Group has sought 13-acre land in the special economic zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT), Road Transport and Highways and Shipping Minister Nitin Gadkari said on Tuesday. Foxconn - a contract manufacturer – makes electronic devices for some popular global brands such as Apple, Amazon, BlackBerry, Motorola, Sony, and Xiaomi and has majority of its factories based in China. “Foxconn has sought a land parcel of 13 acres in special economic zone in JNPT and I have spoken to Maharashtra Chief Minister about the project,” Gadkari told journalists in New Delhi. However, the Minister added that the project details are not available immediately. Headquartered in New Taipei City of Taiwan, Foxconn Technology Group is one ...

The Dollar Business Bureau Kakinada SEZ Ltd. (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL) has signed a series of MoUs with firms interested in setting up of manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on January 27 and 28 at Visakhapatnam, AP. GMR Group is developing a world-class Industrial Zone – Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes. Kakinada is often referred to as the “Houston of India” owing to the existence of Hydro-Carbon reserves and the Oil & Gas infrastructure. Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & ...

The Dollar Business Bureau Now people will be able to fetch detailed information about the country’s special economic zones with the help of the “SEZ India” app that has been launched by the Commerce Ministry. The app has been developed by the SEZ Division, Department of Commerce under its broader e-governance initiative called the SEZ online System. The app will pave way for developers and units to file all their transactions digitally through the system and track the status as well. “The app would help the SEZ units and developers to find information easily and track their transactions on SEZ Online System,” the ministry said in a statement. The app is divided into four sections namely SEZ Information, SEZ Online Transaction, Trade Information and Contact ...

The Dollar Business Bureau The impasse over the Goods and Services Tax (GST) still continues with the Centre and the states refusing to budge from their positions on matters such as control of taxpayers and taxes on high sea trade, a deadlock that threatens to postpone the GST rollout till September. The recent meeting of the GST Council, which was 8th in a row, had made little headway in ironing out differences with eventhe non-BJP ruled states expecting September as the deadline for rolling out the new indirect tax regime. The next GST Council’s meeting, on January 16 would have discussions on the jurisdiction issue over assessees and the Council members would also try to reach a final solution on the taxation issue of territorial waters. Thomas Isaac, Kerala’s Finance Minister, speaking ...

The Dollar Business Bureau India’s IT software services exports from units under the Software Technology Parks (STP) scheme of the government is projected to have witnessed a growth of around 9% to Rs.3.19 lakh crore in the last fiscal. According to a government data, exports of IT software services from the STP units have steadily grown over the last three years. The exports were Rs.2.73 lakh crore in FY 2013-14 and reached Rs.2.93 lakh crore in FY 2014-15. These were further grown to around Rs.3.19 lakh crore in FY 2015-16. India’s overall IT/IT-enabled services (ITeS) exports are estimated at $108 billion in the fiscal of 2015-16. The government provides various incentives to the IT sector. These steps have been the main contributory factors for ...

Sheela Mamidenna Gujarat International Finance Tec-City (GIFT City) as part of its next phase development has announced the launch of office buildings in the SEZ & non-SEZ area. It has invited proposals from international and national developers to participate in developing office buildings in the SEZ as well as the non-SEZ areas. GIFT City has so far received good response from the leading realty developers as well as leading BFSI and IT players. It has already made allotments of over 15 million square feet of built-up area (BUA) for the development of offices, residential apartments and other facilities to be developed at an estimated investment of more than Rs 10,000 crore. India’s first International Financial Services Centre (IFSC) at GIFT City is already ...