1. SEZ units shall be deemed to be foreign territory for the purpose of trade operations and tariffs. Goods going to the SEZ area would be treated as deemed exports.
  2. SEZ units will be able to obtain products from DTA without paying terminal excise duty.

In the first annual revision of Exim Policy 2002-07 (announced on 31st March 2003) a package of additional concessions is offered to SEZ s as noted below:

Advertisement
  1. Supplies from the domestic markets to SEZ s will now be eligible for Duty Entitlement Pass Book (DEPB) or drawback benefits and be free from central sales tax.
  2. Goods supplied to the domestic market by SEZ units will not attract the special additional duty of customs (SAD), making them 4% cheaper than imports.
  3. The government apparently banks on the SEZs to push exports. It will take all necessary steps for raising their contribution in promoting exports. For example, conceding a long pending demand of SEZs, sales from DTAs to SEZs are henceforth treated as exports while domestic sales of SEZs have been exempted from SAD.
  4. Foreign-bound passengers will now be allowed to take goods from SEZs to promote trade, tourism and exports. Also, domestic sales by units functioning in SEZs will now be exempt from special additional duty. The one-year restriction period for remittance of exports proceeds has also been removed for SEZ units.
  5. The SERZ units will be permitted to take job work abroad and exports goods from their only and can capitalize import payables. Similarly, the value of capital goods imported by SEZ units will now be amortized uniformly over 10 years.

 

Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]
0 Comments

Leave a reply

BMS.co.in is aimed at revolutionising Bachelors in Management Studies education, also known as BMS for students appearing for BMS exams across all states of India. We provide free study material, 100s of tutorials with worked examples, past papers, tips, tricks for BMS exams, we are creating a digital learning library.

Disclaimer: We are not affiliated with any university or government body in anyway.

©2020 BMS - Bachelor of Management Studies Community 

A Management Paradise Venture

Ask Us On WhatsApp
or

Log in with your credentials

or    

Forgot your details?

or

Create Account