Contact Your Financial Adviser Money Making MC
22
January 2019
 |
| SEZ
(The Total Investment & Insurance Solutions) |
The commerce ministry Tuesday said it has
sought stakeholders' views on a report submitted by a panel to revive special
economic zones (SEZs). A committee headed by Bharat Forge NSE 1.54 % Chairman
Baba Kalyani on promoting SEZs submitted its recommendations in November 2018.
The panel, which was appointed by the
commerce ministry, has suggested continuation of tax incentives and an array of
other measures to revamp SEZs. SEZs, which once contributed significantly in
the country's exports, started losing sheen after the government decided to
roll back tax incentives and imposed minimum alternate tax and dividend
distribution tax.
"The suggestions (of stakeholders) on the
report are required to be sent latest by January 30," the ministry said in
a statement. Other suggestions of the panel include renaming of SEZs to
employment and economic enclaves (EECs), extension of sunset clause, incentives
linked with investments, employment, technology and value addition,
simplification of processes and tax benefits to services sector. Swift
resolution of disputes through arbitration, flexibility in the dual-usage norms
for non-processing areas in SEZs and extension of MSME schemes to these zones
are some other recommendations of the panel.
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