Supreme Court decision can turn things around for SEZs The Supreme Court or SC, will hear together at least half a dozen cases in July that could change the contours of India’s policy on SEZs, or special economic zones, and even require a change to the SEZ Act of 2005. Leading the clutch of petitions is one against Mumbai Special Economic Zone Ltd, or MSEZ, promoted by billionaire industrialist Mukesh Ambani and his business associate Anand Jain.
Department Commerce backs tax exemption for SEZ services
The finance ministry should exempt companies in special economic zones (SEZ) from paying tax on the services they consume instead of making them seek refunds, according to the commerce department.
Indian Govt. Allows SEZ Units, Developers to Claim Refund of Service Tax
The Indian Government has allowed special economic zones or SEZ units and developers to claim refund of service tax, irrespective of whether they are consumed inside or outside the zone. However, the benefit would flow in the form of refund of service tax and not through an exemption.
Commerce ministry mulls 3-yr extension of EoU tax breaks
The commerce ministry has proposed a three-year extension of tax benefits given to Export-oriented Units (EoUs) in an attempt to encourage export industries at a time when global demand is expected to slump further.
Government Approves 10 New SEZs
The Indian government has approved 10 new Special Economic Zones (SEZ) while also allowing the extension of four projects, including Reliance Industries’ Mukesh Ambani- promoted Rewas Ports for land acquisition.
Exports from SEZs set to reach Rs 1.25 lakh crore
Exports from the Special Economic Zones are expected to reach the target of Rs 1,25,000 crore in the current fiscal, with Reliance Industries' Jamnagar refinery alone likely to contribute Rs 35,000 crore to the total shipments.
