Meetings of all Zonal Development Commissioners under the chairmanship of AS(SEZ) would be held after BOA meeting in the Department of Commerce to discuss and clarify policy matters which required further discussion. Therefore, if Zonal DCs need any clarifications on SEZ Policy issues, they may bring up such matters along with full details of the case in these meetings.
It has been noted that developers/co-developers have been seeking permission of the BoA for carrying out such authorized operations, which are already covered in the default list of authorized operations, the powers for which have already been delegated to the DC’s/UAC’s. This results in the waste of precious time of the BoA.
The Ministry of Commerce & Industry has issued an Instruction No. 41 – F.No.C.6/9/2009-SEZ- Dated November, 2009 to all Development Commissioners clarifying that Net Foreign Exchange Earning (NFE) for SEZ units is to be calculated in rupee terms only.In case a unit claims that the NFE is negative due to foreign exchange fluctuations, the Approval Committee may consider the same, on case to case basis, provided the NFE computations are certified by the Authorised Banker of the unit.
I am directed to say that references have been received in this department seeking clarification on the currency in which NFE is to be calculated. The matter has been examined in this department and it is clarified that NFE is to be calculated in rupee terms only.
Kind attention is invited to the recent judgement of the Honourable High Court of Delhi in the matter of Home Solutions Retail India Ltd and Others Vs Union of India [2009] 20 STT 129 (Delhi) , wherein it is held (Para 36 of the order) that, “Section 65(105)(zzzz) does not in terms entail that the renting out of immovable property for use in the course of furtherance of business of commerce would by itself constitute a taxable service and be exigible to service tax….”
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 […]
Instruction No : 05/2009 Date : 20.07.2009- Withdrawal of Instruction No. 1829, dated 21-9-1989 dealing with taxability of income arising to non-residents from the execution of power projects on turnkey basis
Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within four years from the financial year in which the housing […]
F.No.C.3/6/2009-SEZ Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhawan, New Delhi Dated the 3rd June , 2009 INSTRUCTION NO. 13 Subject: Clarification on Lease of space on shift basis in IT/ITES SEZ & Disaster Management / Recovery Centre Reference has been received as to whether a Developer can lease space […]
A number of representations have been received from BSNL/MTNL and field formations regarding raising of / pending demands for non-deduction of tax at source on commission payments to the franchisees/ PCO owners by MTNL and BSNL prior to 1/6/2007.
