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The Special Economic Zones are specifically delineated duty free enclaves treated as a Foreign territory for the purpose of industrial, service and trade operations with exemption from Customs duty, Excise duty, service tax, Central Sales tax and State levies as extended by the respective State Government.
India’s first Free Trade Zone (FTZ) was set up in Kandla in 1965. With a view to attract foreign investment in India, the Special Economic Zones Policy was announced in Foreign Trade Policy in April, 2000. In order to instill confidence in investor and impart stability to the SEZ regime thereby generating grater economic activity and employment through the establishment of SEZs, Special Economic Zone Act, 2005 was enacted in May, 2005.
Incentives and facilities offered to the SEZ Units:
Duty free import / domestic procurement of goods.
100% Income tax exemption on export income under Section 10AA of the Income tax Act for first 5 years, 50% for next 5 years, 50% of the ploughed back export profit for next 5 years.
Exemption from Service tax.
Exemption from Central Sales tax.
Exemption from State Sales tax and other levies as extended by the respective State Government.
Special Economic Zones have contributed to the growth and development of the Indian economy in terms of exports, employment and investment. However, imposition of MAT for SEZ units from 2011-12 has been a setback for SEZ and has affected its future prospect. Another major reasons is the absence of external infrastructure support. The SEZs have to be connected with Ports and Airports. Further, lack of investor-friendly environment and stable industrial policy has prevented growth of Indian economy. There a need for continuation of income-tax benefits to SEZs and further simplification of procedures.
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