Page 2 - Special Economic Zone

Warning Letter for Pithampur SEZ facility remains an overhang for Cipla

While some brokerages believe that the issue could escalate and be detrimental for Cipla, others believe that the Warning Letter was on expected lines and the impact may not be meaningful

Madras High Court sets aside govt's IGST refund denial order for Lenovo

The case is related to a partial denial of refunding IGST paid by Lenovo (India) on these sales between December 2019 and February 2020

SEZs should be allowed to sell goods on payment of duty foregone: GTRI

The government should consider allowing the sale of products manufactured in Special Economic Zones (SEZs) in the domestic market on payment of duty foregone on inputs as that would help promote value addition, think tank GTRI said on Tuesday. At present, units in SEZs are allowed to sell their products in the Domestic Tariff Area (DTA or domestic market) on payment of duties on an output basis (finished goods). The Global Trade Research Initiative (GTRI) said the government already allows DTA sales on payment of duty foregone on input basis to firms operating under the 'Manufacturing and Other Operations in Warehouse Regulations (MOOWR)' scheme. The government can "extend the same concession to the SEZs for parity sake. This will encourage value addition within the SEZ, as in most cases, the tariff on finished products is higher than on inputs," GTRI Co-Founder Ajay Srivastava said. He added that SEZ units could be incentivised to increase value addition to avail the benefit of DT

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

Commerce department likely to tweak some SEZ rules in DESH Bill

Move will allow use of unutilised spaces in IT/ITeS for non-SEZ purposes

Software exports from MP's four IT SEZs jump 66% to Rs 2,926 crore in FY23

Software exports from four information technology (IT) Special Economic Zone (SEZs) in Madhya Pradesh's Indore jumped 66 per cent to Rs 2,925.60 crore during FY23, a commerce and industry ministry official said on Wednesday. The largest share in the overall shipments from the SEZs has been of IT giant TCS with 51.6 per cent. The official said in the FY22, software worth Rs 1,761.19 crore was exported from these four IT SEZs. During the financial year ended March 2023, software exports worth Rs 1,509.80 crore were made from TCS SEZ, registering a growth of about 74 per cent. Exports from Infosys SEZ grew more than three times to Rs 444.80 crore during the period, while the outbound shipments from Impetus SEZ more than doubled to Rs 330.77 crore, the official said. According to the official, during FY23 software exports from Crystal IT Park SEZ reached Rs 640.23 crore, registering an increase of about seven per cent.

Moving ahead with Gati Shakti

Allowing the private sector even a limited access to the platform will make Gati Shakti universal in its appeal and effectiveness

Not REITs to riches for investors as the near-term headwinds blow

Budget proposals, delayed DESH Bill, hiring slowdown, and rising interest rates present a wall of short-term worry

Niti Aayog objects to certain provisions in proposed DESH bill: Report

Niti Aayog has raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones, sources said. In the Union Budget 2022-23, the government had proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). Sources said that the Aayog has concerns on provisions of the proposed bill such as partial de-notification of zones; and removal of NFE (net foreign exchange earning) requirement. It would be difficult to give duty concessions with NFE requirements and in absence of land contiguity, it would be difficult for customs to keep track on activities in the zone, they said. The Aayog has suggested the ministry to reconsider those provisions, one of the sources said, adding the department of revenue too has objected to some provisions. The commerce ministry has proposed a host of

DESH & 'videsh'

The proposed Bill will create asymmetries

Top Headlines: Tax benefits to SEZs, Parliament's winter session and more

Business Standard brings you the top headlines at this hour

Draft DESH Bill seeks to bail out SEZ units

There is nothing in the said Bill to suggest that it will contribute to enhancement of export competitiveness

Smartworld Developers expect sales worth Rs 250 cr from retail project

The 100,000 sw ft project in Gurugram is spread over three floors, with units ranging from 500 sq ft to 12,000 sq ft

Panel on tax refunds for exports from SEZs, EOUs to submit report on Dec 20

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

Adani Ports receives NCLT approval to acquire 58.1% in Gangavaram Port

Deal to be a share swap, with issuance of 47.7 million APSEZ shares to the erstwhile GPL promoters; post-transaction, GPL will become a fully-owned subsidiary of APSEZ

DESH Bill likely to be reworked after finance ministry raises concern

The Bill, which will replace the SEZ law, is facing hurdles due to lack of consensus between the commerce and finance ministries

New law for SEZs: Commerce ministry proposes host of incentives

The official said the commerce ministry has sought views of different ministries, including finance, on the new bill

Govt plans infrastructure status for SEZs; move to ease financing norms

This will be done by giving them infrastructure status, at par with sectors to improve access to finance and enable long-term borrowing from lenders at easier terms

Why have Special economic zones (SEZ) not taken off in India?

Special economic zones have delivered mixed results in India. The government is now working on a new law to address some of the problems. Here's India's experience with SEZs so far and the challenges

Proposed DESH law aims to grant SEZs greater flexibility, but will it work?

Some experts see significant positives, other believe problems associated with older policy will persist