Goods and Services Tax : Conclusion This article delves into various transactions related to an SEZ entity. The article has been prepared keeping in min...
Goods and Services Tax : Critical analysis of the 55th GST Council meeting recommendations on ITC rules, vouchers, SEZ trade, hotel services, used cars, an...
Goods and Services Tax : Key GST compliance tasks for FY 2023-24 before filing October 2024 returns, including ITC, e-invoicing, reconciliations, and rever...
Goods and Services Tax : Explore GST compliance for SEZs, including zero-rated supplies, invoicing, and documentation. Understand SEZ tax benefits and refu...
Goods and Services Tax : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
Goods and Services Tax : GST portal updates, geocoding of principal place of business, user ID generation, registration cancellation, AATO enablement, annu...
Corporate Law : The Special Economic Zones Act will be replaced with a new legislation that will enable the states to become partners in Developme...
Income Tax : Ministry of Commerce & Industry 378 SEZs are presently notified, out of which 265 are operational Posted On: 10 MAR 2021 The S...
Corporate Law : Along with IT/ITES Units, Non IT/ITES Units in SEZs have also been allowed to take desktop/laptop outside SEZs to work from home. ...
Corporate Law : Department of Commerce decided to provide relaxations on compliances to be met by units / developers / co‐developers of Special ...
Custom Duty : CESTAT Delhi held that duty has to be paid when goods imported into an SEZ are not used for the authorised operations but are sold...
Custom Duty : The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factor...
Custom Duty : The Special Economic Zone (SEZ) unit of Flextronics Technologies (India) Pvt. Ltd. ('Flextronics SEZ unit’) imported the goods, ...
Income Tax : Madras High Court held that lease rent received from letting out property in industrial park is chargeable to tax under the head ...
Custom Duty : Delhi High Court held that rejection of Merchandise Exports from India Scheme (MEIS) benefit merely because amended shipping bills...
Corporate Law : Instruction No. 118 mandates weekly Jan-Sunwai sessions via VC for SEZ grievance redressal, ensuring timely resolutions and monthl...
Finance : IFSCA introduces a Single Window IT System for application processing in GIFT IFSC, simplifying registrations with various regulat...
DGFT : DGFT clarifies that SEZ units can import specific items exempt from recent restrictions under ITC codes as per Policy Circular No....
Goods and Services Tax : Discover the CBIC July 2024 newsletter highlights including NTRS 2024 findings, RoDTEP benefits for SEZs, and a crackdown on gold ...
Custom Duty : Understand the latest SEZ Division clarification for Non-IT/ITES SEZ Units effective from July 1, 2024. Learn about ICEGATE, RODTE...
In exercise of the powers conferred by clauses (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi) and (zj) of sub-section (2) of Section 55 of the Special Economic Zones Act, 2005 (28 of 2005) read with Section 31, the Central Government hereby makes the following rules, namely :—
Introduction: Amidst WTO & GATS, Special Economic Zones have attained a centre stage. The Central Government has enacted the SEZ Act with the major objective of generation of additional economic activity, promotion of export of goods and services, investment from domestic and foreign sources and creation of employment opportunities. This Act is unique as it […]
Under the Export Oriented Units (EOU) scheme, there are some restrictions on how the entitlement of sale in the Domestic Tariff Area (DTA) can be utilised. Firstly, the goods sold in DTA must be similar to the goods exported or to be exported. Secondly, for units manufacturing a number of products, the sale of any […]
Use of green-technology will become mandatory in Special Economic Zones (SEZs)—the tax and duty free industrial enclaves—with the commerce ministry drawing up guidelines for use of equipment using renewable energy sources like solar power in the zones. Senior officials of the commerce ministry, ministry of new and renewable energy (MNRE) and industry representatives from north met in Delhi on Monday to […]
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening tax incentives to developers […]
Instruction No. 30, dated August, 2009 I am directed to inform you that Empowered Group of Ministers in its meeting dated 24th October, 2008 had approved development guidelines to be followed in respect of operations in the non-processing area of the SEZs. 2. As per the decision, the Board of Approval while approving infrastructure within each […]
IT firms such as TCS, Infosys and Wipro expect their effective tax rates to go up in the coming years as more of their delivery units come out of Software Technology Parks of India. This would further impact the net profit of these companies, already under pressure because of the global economic crisis. The actual […]
Removal of Capital Goods from SEZ to DTA- – Capital goods can be removed from SEZ to DTA on depreciated value for the purpose of payment of duty. Where the capital goods acquired on or before commencement of production, depreciation will be calculated from date of commencement
Section 57 read with Third Schedule of the SEZ Act, 2005, has amended the provisions of Indian Stamp Act, 1899 so that no duty shall be chargeable in respect of any instrument executed by or on behalf of or in favour of the Developer or Unit or in connection with the carrying out of purposes of the […]
The government is likely to extend the tax benefits on exports earnings of the information technology (IT) units, operating from the Software Technology Parks of India (STPI), to March 31, 2010 in Budget. The scheme was expired in March 2009. Under the STPI scheme, export incomes are exempted from tax under Section 10(A) for the […]
