Sezs

GST authorities issue Rs 2,000 cr notice to 20 insurers operating in SEZs

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

Curbs on some studded gold jewellery not applicable for SEZ units: DGFT

The government has clarified that its decision to impose import curbs on certain types of studded gold jewellery is not applicable for units in the special economic zones (SEZs). On June 11, the directorate general of foreign trade (DGFT) through a notification imposed the restrictions to discourage inbound shipments of these items from countries like Indonesia and Tanzania. "It is clarified that imports made by SEZ units (other than free trade warehousing zones)...are outside the purview of this notification," the directorate general of foreign trade (DGFT) has said in a policy circular. The DGFT has said that it has received representations from SEZ units highlighting the issues faced by them due to this notification. Goods under restricted category need a licence/permission from the government. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. These are enclosures that are treated as foreign territories for t

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

AAR observed that this clarification was given to a specific SEZ unit and is not a circular but there is no bar in borrowing the rationale of the clarification

Proposed SEZ amendment bill may figure in next govt's 100-day agenda

The proposed amendments in the Special Economic Zones (SEZ) law are expected to figure in the 100-day agenda of the commerce ministry for the next government and it may be introduced in the monsoon session of Parliament, sources said. The monsoon session will be the first session of the newly elected government which will also see the presentation of the full budget for 2024-25. The seven-phase Lok Sabha polls, the world's biggest election exercise, will kick off on April 19 with the counting of votes set to take place on June 4. The government is considering several measures such as a flexible framework for the sale of products manufactured in SEZs in the domestic market, and streamlining approval processes for units, they said. The aim is to help revive SEZs and facilitate business transactions between SEZs and the domestic tariff area (DTA) or the domestic market. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on ...

QCOs of only three ministries exempted from imports under AA/EOU/SEZ

When we get the EPCG authorization, we can get the bill of entry finalized by claiming the exemption under the relevant Customs notification

West Bengal GSDP to grow 10.5% in 2024-25, says minister Shashi Panja

West Bengal's gross state domestic product (GSDP) is likely to grow 10.5 for the financial year 2024-25 over the preceding fiscal, state industry and commerce minister Shashi Panja said on Thursday. The Economic Review for 2023-24 indicated that the state GSDP to grow by 7.65 per cent, outpacing the National average of 7.32 per cent. Speaking at a CII event here, the minister said West Bengal currently holds the position of the fourth-largest economy in the country. "The GSDP of the state for 2024-25 is estimated to grow at 10.5 per cent over the preceding fiscal", she said. Panja said the manufacturing sector of the state grew at 7.8 per cent in 2022-23, surpassing the national average of five per cent. She said that there had been no incidence of strikes since 2010-11, the state has uninterrupted power supply and also serves as a gateway to South East Asia with a substantial consumer base. Additional chief secretary and CMD of West Bengal Industrial Development Corporation (WBI

Govt working on reforms for Special Economic Zones: Commerce secretary

The government is working on reforms in the Special Economic Zone (SEZ) domain so that movement of goods between domestic tariff area (DTA) and SEZ space is carried out smoothly without affecting the competitiveness of goods in the export markets, Commerce Secretary Sunil Barthwal said on Saturday. During the pandemic two years ago, many office spaces in the SEZ areas had been vacated due to 'work from home' practice initiated by the occupants. Barthwal said this had led to the demarcation of SEZs into SEZ and DTA spaces. "Scale economies have become very important nowadays. Reforms in the SEZ are in the offing so that movement of goods from SEZ to DTA and vice-versa are not affected rendering goods produced become less competitive", Barthwal said at a symposium organised by the Bharat Chamber of Commerce. The official said that the foreign trade policy (FTP) of the government had been framed keeping in mind the global value chain. "Our FTP has been designed for exporters to take

ED searches Surat SEZ-based Sharanam Jewels LLP on Fema violation charge

The Enforcement Directorate (ED) on Wednesday said it recently searched the premises of a Surat-based LLP firm and entities linked to it for allegedly making "suspicious" outward remittances worth Rs 2,284 crore. The locations of Sharanam Jewels LLP, based in the Surat SEZ (special economic zone), its promoter Avadh Harshad Yagnik, Vansh Marketing, a proprietorship concern of Ashik Patel and others in Ahmedabad and Surat in Gujarat and Dhubri in Assam were searched under sections of the Foreign Exchange Management Act (FEMA), the agency said in a statement. The probe was initiated on the basis of "credible" information that the said entities were involved in sending foreign exchange outside India "on a large scale" and that they made "suspicious" outward remittances amounting to Rs 2,284 crore on account of payment towards import settlement of invoices. The limited liability partnership (LLP) firm is into import and export of gems and jewellery and in the last two years, it conducte

SEZ rules amendments to benefit commercial office leasing: Report

The recent changes in the SEZ rules will benefit commercial office leasing and allow flexibility in demarcating parts of the SEZ area without significant cost implications, according to a report. The department of commerce on December 6 notified amendments to the Special Economic Zones (SEZ) rules of 2005. The amendments permit demarcation of parts of an SEZ area into non-SEZ area after repayment of tax benefits availed to date. Such demarcated areas are expected to have better occupancy, in line with the existing non-SEZ spaces, Crisil Ratings said in a note on Friday. Hence, benefits from better leasing and higher income from such parts will outweigh associated costs, the report said. The SEZ Act was introduced in 2005 to drive exports by providing tax exemptions for companies operating in such areas. While the sunset clause on these benefits kicked in from April 2020, higher compliance requirements continued. Also, prior to the amendments, SEZ operators could de-notify only th

Govt considering several measures to help revive special economic zones

The government is considering several measures such as a flexible framework for sale of products manufactured in special economic zones (SEZs) in the domestic market, easy de-notification norms, and streamlining approval processes for units, an official said. The aim is to help revive SEZs and facilitate business transactions between SEZ and domestic tariff area (DTA) or the domestic market. SEZs are enclosures which are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. To seek views of different ministries on these measures, the commerce ministry has circulated a note on a draft SEZ (special economic zone) amendment bill 2023. The inter-ministerial consultation is going at a fast pace and the bill is likely to be introduced in the forthcoming Winter session of Parliament which will commence on December 4 and continue till December 22. This amendment bill will be introduced in place of the .

Looking at liberalising some restrictions on SEZ units, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said the government is looking at easing certain restrictions for units in the special economic zones (SEZ) to promote the sector's growth. SEZs in India are treated as foreign territories for trade and customs duties, with restrictions on duty-free domestic sales. "We are looking at ways and means to liberalise some of these restrictions on SEZ units. It's under consideration...We are discussing it with all the stakeholders and hopefully that itself will give a significant boost to the SEZ units," Goyal said here at an industry chamber function. Regarding the industry's demand to extend benefits of the Remission of Duties or Taxes on Export Products (RoDTEP) Scheme to SEZs, he said the ministry will go about it "cautiously". "At some point in time we will consider it once we are very confident that it will not lead to WTO non-compliance," he added. In these zones, the largest areas of exports are petroleum products and ...

DESH Bill explained: What it is and why the government may junk it

Discussions are taking place on whether the DESH bill will be passed or the SEZ Act will be amended, officials said

Govt could discard proposed DESH Bill, amend SEZ Act: Details here

The Ministry of Commerce and Industry is eager to permit units in these zones to sell in areas outside SEZs, called domestic tariff areas (DTA) without the payment of customs duties

Govt aims to make India competitive in hydrogen production: R K Singh

The government will take all the measures to make India competitive in producing green hydrogen, Union Minister R K Singh said. The minister for power, new and renewable energy made the remarks during a meeting with the green hydrogen developers on October 19, an official statement said on Friday. "With our single unified grid and large renewable capacity, India can produce the cheapest green hydrogen in the world. We will do everything in our power to make India competitive in producing green hydrogen and to achieve the targets set out in the National Green Hydrogen Mission (NGHM)," the minister was quoted as saying in the MNRE statement. The meeting aimed to understand the issues faced by the developers and how the government can help overcome these issues like SEZ policies, regulatory provisions for enabling dual connectivity, certain contractual conditions, and demand charges being levied by states among others. A presentation at the meeting showed that for producing 1 million

Saudi Arabia plans sovereign wealth fund office in Gujarat's GIFT City

India and Saudi Arabia signs 53 MoUs worth $3.5 bn

MOOWR scheme made less attractive

Most manufacturers were reluctant to opt for the MOOWR scheme instead of well-established EOU/SEZ/EPCG schemes. Now, even some MOOWR units may opt out of the scheme and go for the competing schemes

DESH Bill deadlock likely to force Cabinet secretary to step in

The department of commerce finalised the new proposed SEZ law and sought inter-ministerial comments in June last year, with an aim to table it in the Monsoon Session of Parliament

DESH Bill may let companies have obligation of choice: Govt official

This may ensure no single mandatory export commitment

Centre allows 100% WFH for IT units in SEZs till December 31, 2023

The new rule states that a unit will have to only maintain the lists of employees who are allowed to follow WFH or from any place outside SEZs

FinMin rejects provision for tax benefits to SEZs under DESH Bill

Says proposed incentives would "create havoc" for units outside the zones