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  Business   Economy  06 Jul 2017  No integrated GST on Special Economic Zones

No integrated GST on Special Economic Zones

PTI
Published : Jul 6, 2017, 3:40 pm IST
Updated : Jul 6, 2017, 3:40 pm IST

There are 421 government-approved SEZ zones in India currently , of which 218 are operational.

Special Economic Zones have been exempted from GST. (Representational Image)
 Special Economic Zones have been exempted from GST. (Representational Image)

New Delhi: Providing relief to SEZs, the government has exempted goods imported by units or developers of special economic zones from integrated goods and services tax (IGST).

"The central government...hereby exempts all goods imported by a unit or a developer in the Special Economic Zone (SEZ) for authorised operations, from the whole of the integrated tax leviable thereon under...the Customs Tariff Act, 1975 read with section 5 of the Integrated Goods and Service Tax Act, 2017," the Department of Revenue has said in a notification.

 

An SEZ area is considered to be a foreign territory for trade operations and duties, and is mainly set up for promoting exports.

Exports from SEZs grew by about 12 per cent to Rs 5.24 lakh crore in 2016-17. The shipments from these zones in 2015-16 were aggregated at Rs 4.68 lakh crore. Till May 1, the government had approved as many as 421 zones. Out of this, 218 are operational.

Tags: gst, goods and services tax, sez
Location: India, Maharashtra, Mumbai (Bombay)