SEZ is of world-class standards for the government
wants to provide the best facilities to the units that are set up in the SEZ's
in India. Facilities and Features of Indian SEZ have attracted many companies
to set up their units in Indian SEZ's.
Special Economic Zone means a specified region in a
state that has liberal economic laws in comparison to the state's typical
economic laws. SEZ's help in the economic and industrial growth of a country and
this is the reason that the government of India is encouraging the setting up
of more and more SEZ's in the country. The various beneficial Features and
Facilities of Indian SEZ are that the units within the SEZ do not have to have
a license for importing goods and they are exempted from paying central excise
duty when they procure raw materials, spares and capital goods from the local market.
Further the various positive Facilities and Features
of Indian SEZ are that the units within the SEZ are exempted from paying
customs duty when they import raw materials, spares, consumables, and capital
goods, and 100% exemption from income tax. Also the various Features and
Facilities of Indian SEZ are that the units inside the SEZ are allowed 100%
foreign direct investment, facility to retain in account EEFC 100% foreign
direct investment, and on items that have been reserved for SSI there is no cap
on foreign direct investment.
The various Facilities and Features of Indian SEZ
are that for the units within the SEZ there are no fixed norms for wastage, the
units have complete freedom to hire contract labor or to indulge in
subcontracting, and that there would be no regular examination of import and
export cargo by customs. Further the various beneficial Features and Facilities
of Indian SEZ are that the companies that set up their units in the SEZ are
provided with built up space and developed plots, the units can use the duty
free goods in a period of 5 years, and support services such as post office,
banks, food courts, ATMs, and fire services are provided in the SEZ complex.
Features and Facilities of Indian SEZ that proves
beneficial to the units within the SEZ is that they do not require separate
documentation for Exim and customs policy, the unit’s performance is monitored
by the Development Commissioner, and the supplies that the SEZ receives from
the DTA are treated as exports. Also the various positive Features and
Facilities of Indian SEZ are that the central sales tax that the units pay on
the purchase of domestic products are reimbursed, the units in the SEZ are
given a write- off up to 5% on unrealized exports, and exemption from paying
excise duty on the goods that are required for setting up the units in the SEZ.
Features and Facilities of Indian SEZ as seen is
such that they would help the units within the SEZ to grow and prosper. In the
future also the government of India must continue to provide the best
facilities in the SEZs in India.
