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 : 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 : Bombay High Court held that if the party is able to show the proof of supply to SEZ Unit, then non-submission of “Bill of Export...
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...
Corporate Law : Discover the new guidelines for SEZ Developers on procuring and installing solar panels to provide power supply in common areas of...
Special Economic Zones (SEZ) units and developers will now be able to claim refund for tax paid on all input services, irrespective of whether they are consumed inside or outside the zone. The government’s decision to refund taxes implies that all developers and units in SEZs will now have to first pay a tax on […]
The Income-Tax department is scrutinising companies that have set up subsidiaries or units in special economic zones (SEZ) after it foundthat many of these firms were using their SEZ operations as a vehicle for claiming undue tax benefits. The modus operandi adopted by a number of companies is to manipulate the accounts to transfer the […]
In a move that will significantly ease the tax burden on India’s biggest information technology companies, the government has decided to amend the law relating to tax exemption for units operating out of special economic zones (SEZs). SEZs set up by IT majors like Infosys, Wipro and Tata Consultancy Services (TCS) under the parent companies […]
The Ramalinga Raju empire is much wider than what it was originally thought to be. Investigations now show that the Raju family had spawned more than 40 companies in the last 15 years. A majority of these companies — spread across 10 states — sprang up in the last four years and most of them […]
Somesh Arora, Commissioner of Customs (Rtd) THE party time for Special Economic Zones may well be over before it has actually begun. With that will be over the worry lines for Revenue Department, which was spending sleepless nights over purported loss of revenue because of more than 500 approved zones and more than 250 already […]
The Department of Commerce has completed most of the procedures related to setting up special economic zones online to streamline various operations regarding these industrial enclaves.These steps will not only help the developers of the tax-free zones apply through a website but will enable them to track the status of their applications in real time.
Reserve Bank has been receiving representations from Exporters / Trade bodies to extend the period of realisation of export proceeds in view of the external environment. It has, therefore, been, in consultation with Government of India, announced in the Annual Policy Statement for the Year 2008-09 (para 134) to enhance the present period of realization 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.
There is good news in store for SEZ units. The government is likely to put on hold its plan of placing an export obligation on units operating in SEZs. The commerce department has suggested to the finance ministry that the government should consider imposing an export obligation only if exports from such zones fall below a threshold limit in the coming years. While the government was deliberating making it compulsory for all SEZs to export 51% of what they produce, the present average export figures of SEZs is much higher at 82%.
Units undertaking to export their entire production of goods and services except to the extent of permissible sales in the DTA. Second hand capital goods, without any age limit, may also be imported duty free.
