SEZ - Page 4

An insight into Annual Performance Report (APR) under SEZ Laws

APR refers to an annual performance report to be prepared by an SEZ unit post commencement of production by it. The preparation of APR has to be done independently by each SEZ unit located in SEZ area. An APR, which has to be duly certified by an independent Chartered Accountant ...

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Posted Under: Corporate Law |

Gist of New Service Tax Notifications effective from 1st June, 2016

(i) Where a taxable service is exempt under any notification / special order or Service Tax is otherwise not payable, such service shall be exempt from levy of whole of KKC. (ii) KKC shall be leviable only on that portion / percentage of taxable service which is subject to Service Tax after availing abatement under Notification No. 26/201...

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Posted Under: Corporate Law |

Budget 2016: Exemption for diamond trading in SEZ

The existing provisions of Section 5 of the Act provides for the scope of total income. In case of non-resident person, the taxation of income in India happens only if the income accrues or arises in India or is deemed to accrue or arise in India or is received in India. Section 9 of the Act provides circumstances under which income is de...

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Posted Under: Corporate Law |

Guide for power Generation, Transmission & Distribution in SEZs

No.P.6/3/2006-SEZ (vol.111) (16/02/2016)

Power Guidelines for power Generation, Transmission and Distribution in Special Economic Zones (SEZs) were issued on 27th February, 2009 and subsequently replaced by the guidelines issued on 21st March, 2012.These guidelines were further reviewed and guidelines dated 21st March, 2012 were withdrawn vide letter dated 6th April, 2015....

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Simplification of SEZ Rules- Inter Unit Transfers – regarding

84/SEZ, (16/04/2015)

Instruction No. 84/SEZ, Dated : April 16, 2015 With a view to promote the ease of doing business further, it is advised that SEZ Units are now allowed to remove goods for repair, replacement, testing, calibration, quality testing and research and development purposes also on selfattestation basis under intimation to the Specified Officer ...

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Role of IT Sector is Crucial to Promote E-Governance – FM

FM: Role of IT Sector is Crucial in Order to Promote E-Governance for Empowering Citizens; to Promote the Inclusive and Sustainable Growth of the Electronics, IT and ITeS Industries and Enhancing India’s Role in Internet Governance...

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Posted Under: Corporate Law |

Service Tax Exemption to SEZ – Absence of Control mechanism

SEZ Act provides exemption of duties of customs, central excise and service tax for operations within SEZs subject to certain conditions. In this article we have discussed issues in Compliance by SEZs of Service Tax Related provisions and problems in monitoring of misuse of such exemptions :- 1. Absence of mechanism for accounting of Serv...

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Posted Under: Corporate Law |

Income & Wealth Tax Issues in SEZ assessment

1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign currency remittances’ into India is the underlying intent spelt out in section 10A, sec...

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Can SEZ unit claim exemption from CVD when cleared to DTA based on an Exemption Notification

Roxul Rockwool Insulation India Pvt Ltd Vs UOI (Gujrat High Court)

Can SEZ unit claim exemption from CVD when cleared to DTA based on an Exemption Notification issued under Section 5A of CEA’1944 although when there is specific bar under Section 5A for SEZ units?...

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Check List for passing on upfront service tax exemption to SEZ Unit/Developer/Co-Developer

Effective from 01.07.2013 in terms of service tax notification no 12/2013-ST, All SEZ Unit/ Developers/ Co-developers have to provide Form A2 authorisation from service tax authority for availing the upfront service tax exemption otherwise first pay service tax and claim refund of it from the Govt....

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Posted Under: Corporate Law |

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