SEZ

Software Technology Parks of India (STPI) Unit

Income Tax - Software Technology Parks of India (STPI) is a society established in 1991 by the Indian Ministry of Electronics and Information Technology with the objective of encouraging, promoting, and boosting the export of software from India. It has two units i.e. Non – STP Unit and STP Unit....

Supply to SEZ Unit under GST-Detailed Analysis

Income Tax - A Special Economic Zones ( SEZs ) are established worldwide by each and every country. SEZs are located within a country’s national borders. There is 240 operational SEZs as on 31-12-2019 in India. The Government aims to establish SEZs are growth in trade, increased investments, job creations and attract FDI etc.. To encourage entrepren...

SEZs – Relaxations During Pandemic

Income Tax - On account of the Pandemic outburst of COVID-19, the Central Government declared a complete lockdown from 25th March, 2020 onwards in various phases. In subsequent lockdown, the Ministry of Home Affairs vide Guidelines dated 15th April, 2020, issued relaxations for Special Economic Zones (SEZs) wherein the Government from 20th April, 2020...

Sunset date for claiming Income Tax exemption for SEZs – Extension Needed

Income Tax - Sunset date for claiming Income Tax exemption for SEZs – Time to further extend the sunset date mentioned under Section 10AA of the Income Tax Act, 1961 considering difficulties faced by SEZ Units to commence the production due to restriction placed for controlling pandemic Covid-19. Article explains Sunset date for claiming Income ...

Supply To SEZ Under GST Regime

Income Tax - By following the above principle of destination based taxation exports continue to remain zero rated and a similar benefit continues to be given to Special Economic Zones (SEZs) under GST law. While this benefit is extended to processing zones of the SEZs, sales from SEZ to Domestic Tariff Area (DTA) continue to remain taxed under GST sys...

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Compliances to be met by units / developers / co‐developers of SEZs relaxed

Income Tax - Department of Commerce decided to provide relaxations on compliances to be met by units / developers / co‐developers of Special Economic Zones (SEZs). Such compliances to which the relaxations will apply ...

Cabinet approves Special Economic Zones (Amendment) Bill, 2019

Income Tax - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019). The Bill will be introduced in ensuing session of the Parliament....

Advisory for Taxpayers to file Refund for Multiple Tax period

Income Tax - 1. Refund application filing for multiple tax period is available for below grounds of refund:a. Export of Goods & Services-Without payment of Taxb. Supplies made to SEZUnit/SEZDeveloper-Without payment of Tax2. Refund application can be filed using refund application Form GST-RFD-01A & selecting a particular tax period 3. The multiple ta...

SEZ Rules to be aligned with GST laws by July end

Income Tax - Centre will come out with amendments to Special Economic Zones (SEZ) Rules, 2006 synchronised with Goods and Services Tax (GST) laws by end of this month, a top official in the Union Ministry of Commerce and Industry said at an ASSOCHAM event held in New Delhi today....

GST-a real major incentive for making investments in SEZs

Income Tax - Though imposition of Minimum Alternative Tax (MAT) in 2011 slowed down growth of special economic zones (SEZs), but implementation of Goods and Service Tax (GST) provides wonderful opportunity for making investments in Indian SEZs, a top Commerce Ministry official said at an ASSOCHAM event held in New Delhi today....

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Expenses cannot be excluded from Export Turnover u/s 10AA merely because it is in Foreign Currency

Renault Nissan Technology & Business Centre India Private Limited Vs CIT (Madras High Court) - The issue under consideration is whether the foreign currency expenditure need to be excluded from the ‘export turnover’ of the assessee for the purpose of computing deduction under Section 10AA of the Act?...

Import of diamonds for re-export qualify for section 10AA deduction

Solitaire Diamond Exports Vs ITO (ITAT Mumbai) - The issue under consideration is whether the AO is correct in disallowance of the deduction claim u/s 10AA by stating that the import of diamonds for re-export is not eligible for such deduction?...

Cenvat Credit of ITC attributable to taxable output & use of Formula

Dell International Services India Pvt. Ltd. Vs C.C.E. & S.T. (CESTAT Bangalore) - The issue under consideration is whether ITC attributable to taxable output included in formula of determining ITC of exempted goods or services?...

Section 14A applies to share of profit from partnership firm

Minal Industries Limited Vs DCIT (ITAT Mumbai) - The issue under consideration is whether Section 14A will be applicable on Profit sharing from Partnership Firm, which is exempt in the hands of partners?...

Section 80IAB deduction allowed against rental income from SEZ development

Cessna Garden Developers Pvt. Ltd. Vs ACIT (ITAT Bangalore) - The issue under consideration is whether deduction under section 80IAB will be allowed against the income of lease/ rental income from development of SEZ irrespective of wrong classification of head of income....

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Important issues of SEZs / EOUs during COVID-19 lockdown

No. K-43022/7/2020-SEZ (3145523) - (29/04/2020) - Important operational issues pertaining to Special Economic Zones (SEZs) / Export Oriented Units (EOUs) during the prevailing lockdown for COVID-19 -reg....

Special Economic Zones (4th Amendment) Rules, 2019

Notification No. G.S.R. 12(E) - (31/12/2019) - ‘53A. Exemption.- Nothing contained in rule 53 shall apply,-a. to a Unit in an International Financial Service Centre set up as Alternate Investment Fund or Mutual Fund to the extent of any inflow of investible funds from investors, any investments made from such investible funds and returns on th...

Delegation of powers for shifting of SEZ Unit from one SEZ to another within same Zone – reg

Instruction No. 101 - (01/11/2019) - I am directed to refer to the subject cited above and to convey herewith the approval of the Competent authority for delegation of powers to jurisdictional Development Commissioners for authorising the proposals of shifting/relocation/transfer of SEZ Units from one SEZ to another SEZ within t...

Single letter of approval (LoA) for all categories under Chapter 71 of ITC HS

Instruction No. 100 - (25/10/2019) - I am directed to state that representations had been received in this Department for single LoA for all categories under Chapter 71 of ITC HS. The representations have been examined and following decisions have been taken, with the approval of competent authority, regarding issuance of LoA to a Gems...

Special Economic Zones (Amendment) Act, 2019

Notification No. 8 of 2019 - (08/07/2019) - (1) This Act may be called the Special Economic Zones (Amendment) Act, 2019. (2) It shall be deemed to have come into force on the 2nd day of March, 2019....

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