Sez

Duty concessions to SEZ for DTA clearances likely to find few takers

Modest duty cuts and complex conditions may limit SEZ units' appetite for concessional DTA clearances despite the government's intent to boost capacity use

Govt allows temporary customs duty relief for SEZ units sold domestically

One-year relief aims to boost SEZ manufacturing by allowing eligible units to utilise idle capacity in the domestic market amid global export volatility

Govt grants temporary customs duty relief for SEZ goods sold domestically

The lowered duty ‌rates will range between 5 per cent to 12.5 per cent across industries

Govt sets up 17-member committee for larger reforms in SEZ policy

The government has set up a 17-member committee to suggest larger reforms in the policy for special economic zones (SEZs), an official said. It will submit a concept paper recommending a roadmap for broad-based and comprehensive reforms to formulate a SEZ 2.0 policy. It will undertake a background study focused on the harmonisation of various prevalent export promotion schemes, including SEZs, export-oriented units (EoUs), MOOWR (Manufacturing and Other Operations in Warehouse), Advance Authorisation, EPCG (export promotion for capital goods), and Duty Free Import Authorisation (DFIA). The committee's composition includes representatives from commerce, customs, Niti Aayog, DPIIT, and CBIC. The terms of reference include examining the existing Special Economic Zones (SEZ) Act, 2005, with a view to assessing their effectiveness in the current global trade, investment environment and macro-economic landscape and harmonisation with other export promotion schemes so that policy distorti

SEZ sale relaxation in Budget to boost import substitution, jobs: Comm Secy

The Budget's proposed conditional relaxation to allow special economic zone (SEZ) units to sell goods in the domestic market will help promote import substitution and create new jobs, Commerce Secretary Rajesh Agrawal said. He said the details of the announcements will be rolled out in the next 2-3 months. The government on Sunday announced a one-time measure to allow SEZ units to sell their goods in the domestic market at concessional import duty rates, subject to certain quantitative restrictions. It was a long-pending demand of these zones as they were not able to sell their excess production due to global uncertainties and high import duties in India on labour-intensive sectors. The secretary said the proposal will help buy goods from SEZs rather than importing from third countries. "It will help in import substitution and better job creation. It will also provide a level playing field to DTA (domestic tariff area) firms (vis-a-vis SEZs)," Agrawal told PTI. About 7-8 sectors,

This Budget shows a confident, future-ready Bharat, says Piyush Goyal

This is a Budget that shows a future-ready Bharat, and carries forward the reforms that the Prime Minister initiated on August 15 last year, says Goyal

Govt plans policy changes to boost domestic demand for SEZ manufacturers

Govt plans SEZ reforms to offset US tariff hit, enabling duty relief on domestic sales and support for labour-intensive exporters

SEZ amendment Bill may be taken up in monsoon session of Parliament

The Bill will allow 'reverse job work'. This means that SEZ units will be able to do a part of the manufacturing process on its behalf for DTA units

Centre seeks to relax eco-zone norms as states flag development hurdles

The wildlife board may revise eco-sensitive zone rules to allow site-specific plans, after states said rigid norms were hurting local development and delaying new protected area proposals

SEZ to DTA clearance of used machinery should be on depreciated value

Despite GST treating intermediary services as domestic supply, other laws like FEMA and FTDR Act recognise them as exports; SEZ units must pay duty on depreciated value

Special zones: SEZ policy demands all-round reform, not frequent changes

In theory, the SEZ environment would be ideal for the requirements of semiconductor manufacture, which requires stable power, clean water, and access to a skilled workforce

Govt eases SEZ rules to promote chips, electronics component manufacturing

Reduces min land required to set up such firms from 50 hectares to 10 hectares

India's first AI SEZ to be set up in Nava Raipur with ₹1K cr investment

It will be a special area, which is being prepared only for the development and operation of technologies related to AI and computer data, a senior state government official said

Mumbai SEZ leasing rises sharply in 2024, reverses 3-year downward trend

The decline in SEZ leasing in recent years had been largely driven by the government's sunset clauses, which phased out tax benefits, making these zones less attractive to potential tenants

Revamped SEZ law unlikely before the upcoming Lok Sabha elections

The commerce department had sought the Union Cabinet's nod to bring amendments in the existing SEZ Act, 2005 late last year

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

India, Hong Kong customs dept unearth trade-based money laundering case

The Indian and Hong Kong Customs have unearthed a major case of Trade-Based Money Laundering (TBML) involving Hong Kong-based exporters and Indian importers located in a Special Economic Zone (SEZ), the finance ministry said on Friday. In an exemplary case of bilateral cooperation and exchange of information, this crackdown showcases investigation and enforcement actions taken by both administrations under their respective laws to expose an international cartel. DRI had unearthed a case of Trade-Based Money Laundering from a SEZ, wherein cheap synthetic diamonds were being imported into India in the guise of natural diamonds, to remit foreign currency out of India. Investigations revealed that cheap synthetic diamonds were being mis-declared as natural diamonds and overvalued more than 100 times and being imported from firms based in Hong Kong to SEZ in India. During the investigation, it was also observed that some real diamonds were imported but replaced with synthetic diamonds a

Year ender 2023: 10 important regulatory changes that took place in India

2023 was a busy year for regulators like the Reserve Bank of India and the Securities and Exchange Board of India. Here are the 10 key changes on the regulatory front

Centre to revise SEZ Act, limiting tax sops and enhancing integration

SEZs are areas within the country that have different economic regulations and are considered as a foreign territory, with the primary focus on promoting exports

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