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New SEZ law to focus on job creation and research, not foreign exchange

Enterprise hubs will have land-based area requirements and shall permit both manufacturing and services activities

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Customs duty and integrated goods and services tax (IGST) on capital goods, such as machinery, computer equipment, and raw materials, shall be deferred, according to the proposed law

Shreya Nandi New Delhi

4 min read Last Updated : Jul 25 2022 | 6:10 AM IST

The new law proposed for governing special economic zones (SEZs) is set to be compliant with World Trade Organization (WTO) norms and may do away with net foreign exchange (NFE) earnings as an evaluation criterion for SEZ units.

The Development of Enterprise and Service Hubs (DESH) Bill, which is scheduled to be tabled in the ongoing Monsoon Session of Parliament, seeks to introduce the concept of net positive growth for the evaluation of the performance of such units, said people in the know. They said the proposed Act looks to focus on broad-based parameters, such as employment generation and additional

Topics : SEZs SEZ rules foreign exchange earings Special Economic Zones foreign exchange forex market WTO Income Tax Act domestic market Tax benefits Monsoon session of Parliament

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