Question

What do you mean by SEZ? Explain its salient features.

21 Oct 2017
Answer :
Word Count : 752

Special Economic Zones (SEZs) in the country with a view to provide an internationally competitive and hassle free environment for exports was introduced on April 1, 2000. Units may be set up in SEZ for manufacturing of goods and/or rendering of Services. All the import/export operation of the SEZ units will be on self-certification basis. The units in the Zone have to be a net foreign exchange earner but they shall not be subject to any predetermined value addition or minimum export performance requirements.

 

INDIAN SEZ - Salient Features and Facilities

» A designated duty free enclave and to be treated as foreign territory for trade operations and duties and tariffs.

» No license required for import.

» Exemption from customs duty on import of capital goods, raw materials, consumables, spares etc.

» Exemption from Central Excise duty on procurement of capital goods, raw materials, consumable spares etc.

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