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Custom Duty : The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factor...
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The Commerce Ministry is likely to come out with strict norms for SEZ units engaged in recycling of plastic next week in wake of the Environment Ministry’s concern on illegal import of the hazardous waste. Businesses interested in setting up new plastic recycling units in Special Economic Zones (SEZs), would have to invest a minimum of Rs 1 crore in plant and machinery and export 80 per cent of the turnover by the fifth year of their operations.
The likelihood of new units in Special Economic Zones losing Income-Tax exemptions in the Direct Taxes Code regime has stepped up representations to the Centre. According to the DTC revised draft, units coming up in SEZs after the implementation of the Code from April 1, 2011, would not get I-T holiday.
The Finance Ministry indicated that the revised Direct Taxes Code draft may stick to denying tax sops to special economic zones (SEZs), even as Commerce Minister Anand Sharma assured that the interests of investors will be protected.
The Commerce and Industry Minister, Mr Anand Sharma, is likely to call on the Finance Minister, Mr Pranab Mukherjee, here on Friday at the latter’s North Block office.
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.70 dated June 30, 2009 increasing the period of realisation and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export, subject to review after one year.
The commerce ministry has expressed strong reservations on the provisions envisaged in the new revised discussion paper on direct taxes code for the special economic zones. “We are extremely concerned about the direct taxes code provisions for SEZs,” commerce secretary Rahul Khullar said on Friday.
There is no specific provision in the income tax law to deal with the migration situation and hence the tax authorities at the ground level could take any view — either allow the migrated unit to enjoy tax holiday for the unexpired period or deny the tax holiday for the remaining period, sources in the Finance Ministry said.
Government has been receiving requests for shifting of units from one SEZ to another SEZ due to various reasons. These requests were considered but could not be acted upon as there are no specific provisions under the SEZ Rules for these shifts and also there are no rule prohibiting the shifts, with the consolidation of SEZs,
Even as Larsen and Toubro withdrew its proposal for an IT/ITeS Special Economic Zone (SEZ) citing uncertainty in tax treatment towards SEZs in the Direct Taxes Code (DTC), the Commerce Ministry has said the Finance Ministry is yet to consult it on the continuity of fiscal sops in the DTC to these tax-free zones.
With more SEZs becoming operational, the Centre will consider on June 8 framing rules that would allow migration of units from one special economic zone to the other. As of now there is no specific provision for transfer of a unit from one SEZ to the other.
