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Mukesh Raj & Co. [View Profile]
Delhi - India
We are one of the leading names in offering competent service support for Special Economic Zone Consultancy. The policy for setting Special Economic Zones (SEZs) in country is done with view to provide internationally competitive hassle free environment for exports where units can be set up in SEZ for manufacturing goods and/or rendering of services. With the SEZ policy providing for setting of SEZ's in public, private joint sector or by State Govts.
Here our expertise lies in providing solutions for service areas related to assistance in DTA procurement documentation, Import procurement documentation, Maintenance of registers & records, Preparation of monthly returns, Half Yearly consumption records and assistance in obtaining job work permissions as well as other service factors. Here, our dedicated team support ensures competitive and comprehensive service support is made available to the customers.
A policy for setting up of Special Economic Zones (SEZs) in the country with a view to provide an internationally competitive and hassle free environment for exports was introduced on April 1, 2000. Units may be set up in SEZ for manufacturing of goods and/or rendering of Services. All the import/export operation of the SEZ units will be on self-certification basis. The units in the Zone have to be a net foreign exchange earner but they shall not be subject to any predetermined value addition or minimum export performance requirements. Sales in the Domestic Tariff area by SEZ units shall be subject to payment of full custom duty and import policy in force. Further offshore banking unit may be set up in the SEZs.
Special Economic Zone Act has been introduced in the year 2005. It is an act to provide for the establishment, development and management of the Special Economic Zones for the promotion of exports and for matters connected therewith or incidental thereto.
These SEZ policy provides for setting of SEZ's in the public, private joint sector or by State Govts. It was also envisaged that some of the existing Export Processing Zones would be converted into SEZs. Accordingly, Government has converted the Export Processing Zones located at Kandla and Surat (Gujrat), Cochin (Kerala), Santa Cruz ( Mumbai-Maharashtra), Falta ( West Bengal) , Madras( Tamil Nadu), Vishakhapatnam (Andhra Pradesh) and Noida (Uttar Pradesh) into a Special Economic Zones.
In addition, approval has been given for setting up of 42 SEZs in various parts of the country in private/joint sectors or by the State Govt. Besides these, 3 new additional SEZs approved for establishment at Indore (Madhya Pradesh) , Manikanchan- Salt Lake (Kolkata) and Jaipur have since commended operations.
Indian SEZ act has following distinguishing features:
As proposed in the SEZ policy the zones can be either be setup by private sector or by State Govt. or State Government in association with Private sector. Private sector is also invited to develop infrastructure facility in the existing SEZs.
State Govt. plays a vital role in the setting up of SEZ.
A framework is being developed by creating special by creating special windows under existing rules and regulations of the central Govt.and state Govt. for SEZ
INDIAN SEZ - Salient Features and Facilities
A designated duty free enclave and to be treated as foreign territory for trade operations and duties and tariffs.
No License required for import.
Exemption from custom duty on import of capital goods, raw materials, consumable spares etc.
Exemption from Central Excise duty on procurement of Capital goods, raw materials, consumables spares etc. from the domestic market.
Supplies from DTA to SEZ units treated as deemed exports.
Reimbursement of Central Sales Tax paid on Domestic purchases.
100% income tax exemption for a block period of 5 years, 50% tax exemption for next five years u/s 10AA of the Income Tax Act.
Carry forwarded of losses.
100% income tax exemption for 5 consecutive years & 50% for 5 years under section 80LA of the income tax Act for off shore banking units
Reimbursement of duty paid on furnace oil, procured from domestic oil companies to SEZ units as per the rate of drawback notified by the Directorate General of Foreign Trade.
SEZ units may be for manufacturing, trading or service activity.
SEZ unit to be positive net foreign net exchange earner within three years.
Performance of the unit to be monitored by a committee headed by Development Commissioner and consisting of Customs.
100% foreign direct investment in Manufacturing, sector allowed through automatic route barring a few sectors.
Facility to retain 100% foreign exchange receipts in EEFC a/c
Facility to realize and repatriate export proceeds within 12 months
Re-export imported goods found defective, goods imported from foreign supplier on loan basis etc. without G.R. Waiver under intimation to the Development Commissioner
"Write off "of unrealized export bills up to 5%
Commodity hedging by SEZ units permitted
Capitalisation of import payables.
No Cap on foreign investment for SSI reserved items
Exemption from industrial licensing requirement for items reserved for SSI sectors
Profits allowed to be repatriated freely without any dividend balancing requirement
Terms and Conditions :
SEZ units have to be a Positive Net Foreign Exchange Earner.
Performance of the unit will be monitored by a committee consisting of Development Commissioner of the Zone and Customs.
Units shall maintain proper accounts and furnish details regarding value of import, export etc. to Development Commissioner on a quarterly basis.
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