SPECIAL ECONOMIC ZONE
A special economic zone (SEZ) is an area in which business and trade laws differ from the rest of the country. SEZs are located within a country's national borders, and their aims include:
- Increased trade
- Increased investment
- Job creation
- Effective administration
Under the Act, SEZ could be set up either jointly or severally by the Central Government, State Government, or any person (including a private or public limited company, Partnership or proprietorship) for the following purposes:
- Manufacture of goods or
- Rendering services or
- Both manufacturing of goods and for rendering services or
- As a Free Trade and Warehousing Zone.
Services offered:-
- Approval of SEZ (Settling application before BOA, preparation of project report, Facts sheet in case of conversion etc.)
- Approval of letter of permission (LOP)/renewal of letter of permission
- Approval of green card
- Approval of Import Export Code Number
- Permission for inter-unit transfer of capital goods
- Permission for disposal of waste and scrap
- Approval for enhancement of production capacity
- Permission for additional location/change of location
- Permission for sale of rejects
- Permission for sale of DTA sale
- Assisting in claiming Duty Drawback
- Assisting in claiming DEPB
- NOC for de bonding of materials
- Structuring of contracts/transactions to optimize indirect tax incidence
- Formulating indirect tax efficient business models
- Conducting VAT impact assessment studies
- Undertaking comprehensive reviews of business operations
- Advice on classification, Valuation, Applicability of taxes on transactions and admissibility to tax benefits/exemptions
- Identification of innovative tax planning opportunities