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What is Special Economic Zone (SEZ)? Features of SEZ in India

What is Special Economic Zone (SEZ)? Features of SEZ in India What is SEZ? SEZ is a special demarcated area or a geographical region that is considered as a duty-free enclave and has different economic laws than the rest of the country. While the objective is to attract foreign investments, the SEZ also attracts domestic companies, because of its infrastructural advantages. Some of the countries that have successfully implemented the SEZ policy are China, Poland, Philippines and Russia. Who sets up SEZs? In India, most of the SEZs are set up through a collaboration between the state and central governments. However, any private, public or joint sector agency can also set up SEZs. State governments have a very important role to play in the establishment of these economic zones, as the proposals have to be approved by the local authorities initially, who should give their consent for providing basic infrastructure facilities to the delineated area, such as water, electricity, transportation, etc. Also, the statutory functions of maintaining these SEZs rests with the government. A unit approval committee is formed, which consists of a development commissioner, customs officer and a state government representative, who monitor the performance of SEZs. Features of SEZ in India Enterprises that set up their establishment in SEZs are entitled to incentives, which may include free electricity, water supply, subsidy on land prices, etc. These economic zones are designated duty-free industrial parks, to be treated as foreign territory for trade operations, duties and tariffs. Usually, no licence is required for import and businesses get exemption from customs duty, on import of capital goods, raw materials, consumable spares, etc. SEZs may enjoy exemption from payment of sales tax and service tax on the sale or purchase of goods or services. Any supply of goods or services or both to a SEZ unit is considered a zero-rated supply. In other words, supplies into SEZs are exempted from Goods and Services Tax (GST) and are considered as exports. Special economic zones have employer-friendly labour laws. For example, since SEZ units are considered as ‘public utility services’, no strikes are allowed in such companies without giving the employer six weeks’ prior notice, in addition to the other conditions mentioned in the Industrial Disputes Act, 1947. #specialeconomiczone #Hyderabad #Regrob #Realestate #Buying #selling #residential #commercial #RealestateTelangana #Telangana #HyderabadRealestate #flats #apartments #home #house #flatsforsale #apartmentsforsale #2bhk #3bhk #househunting #homesforsale #villa #independenthome #residentialproperty #residentialprojects #commercialproperty #commercialprojects #realestateindia #realestateinvestment #Realty what are special economic zone class 10, special economic zone upsc, special economic zone advantages and disadvantages, special economic zone pdf, list of sez in india, sez benefits, special economic zone in tamilnadu, sez act