Search Result for : Special Economic Zones Sezs

By Ranjeet Mahtani, Sweta Rajan & Suhasini Joshi Supplies of goods and services to units in Special Economic Zones (“SEZ”) and physical exports are ‘zero rated’ under the Goods and Services Tax (“GST”) regime.  The exporters can either (a) supply goods under a Bond or Letter of Undertaking (LUT) without payment of Integrated Goods and Service Tax (IGST) and claim refund of unutilized Input Tax Credit (ITC) or; (b) supply goods on payment of IGST and claim refund of such tax paid on the supplies.  The CBEC had issued a notification[1] and then two circulars[2] clarifying certain procedural and administrative aspects to be complied with by the exporters and field formations. Exporters continued to face various difficulties as also practical hurdles including: (a) ...

The Dollar Business Bureau At a workshop in New Delhi on the implications of GST for special economic zones (SEZs) and export-oriented units (EOUs), it was unanimously agreed upon that these zones must be exempted from GST. The Export Promotion Council for EOUs and SEZs (EPCES) has urged the Centre to refrain from levying the new Goods and Services Tax on SEZs and EOUs which have hitherto enjoyed plenty tax breaks. To continue to attract investment and boost exports, it is imperative that under the new tax regime, these entities continue to benefit from tax rebates. "During the workshop, it was unanimously decided that EPCES must request the central and state governments to provide an exemption to SEZs from payment of CGST/SGST/IGST as there is no mechanism in SEZ Act for the refund ...

The Dollar Business Bureau Chemicals & Fertilisers Minister Ananth Kumar asked the chemicals and petrochemicals industry to target an annual growth rate of 14.7 percent so as to double its production in the next 5 years and said the government will support the industry’s growth story. While speaking at the “CHEMINAR-2016” in New Delhi on Friday, Kumar said, “India’s chemicals and petrochemicals industry is growing at the rate of 11–12 percent and has a production of worth $200 billion per year. I called upon the industry to go for a growth rate of 14.7 percent per year so as to increase its output to twofold in the next 5 years. The Government will facilitate in the growth story,” he added. On the issue of cost ...

The Dollar Business Bureau India is planning to establish reverse Special Economic Zones (SEZs) in Mozambique, primarily for the pharmaceutical and fertilizer sector, said Minister for Chemicals and Fertilizers Ananth Kumar. “It is our aim to set up reverse Special Economic Zones (SEZ) in countries rich in oil and gas with committed exports back to India. After Iran, we are now planning to establish SEZ in Mozambique,” the minister said during at the launch of an event in Mumbai on Thursday. He added that the discussions to set up SEZ in Iran are progressing, specifically after Prime Minister Narendra Modi’s visit to the Islamic Republic. India is discussing to establish a natural gas-based petroleum plant-cum- petrochemicals compound with Iran. “PM Modi's Iran visit and bilateral ...

Bidhu Bhushan Palo | The Dollar Business Tariff Authority for Major Ports (TAMP) regime inhibited the growth of major ports, says N.N. Kumar, IRS, Chairman, JNPT   Locational advantage, growing demand and policy changes will be the fulcrum around which India’s largest container port, the Jawaharlal Nehru Port, aims to transform and grow to one of the top 10 global container ports in the next five years. Recently, the government announced the establishment of the Special Economic Zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT) at a cost of around Rs.4,000 crore in phase 1. The project will develop free trade warehousing zones for engineering goods sector, textile and other sectors, says the government. The SEZ could also play a big role ...