Union Budget 2022: Government proposes to replace existing SEZ law with new legislation
2 years, 10 months ago

Union Budget 2022: Government proposes to replace existing SEZ law with new legislation

Firstpost  

New Delhi: The government on Tuesday proposed to replace the existing law governing special economic zones with new legislation to enable states to become partners in ‘Development of Enterprise and Service Hubs’. Presenting the Budget 2022-23, Finance Minister Nirmala Sitharaman said: “The Special Economic Zones Act will be replaced with a new legislation that will enable the states to become partners in Development of Enterprise and Service Hubs.” This will cover all large existing and new industrial enclaves to optimally utilise the available infrastructure and enhance the competitiveness of exports, she noted. Commenting on the announcement, Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co, said replacement of the SEZ Act with a new legislation is a pragmatic step as this will integrate these zones and Customs administration. In the Budget 2016-17, the government had announced that the income tax benefits to new SEZ units would be available to only those units which commence activity before March 31, 2020.

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History of this topic

WFH rules in special economic zones simplified further after Nasscom’s intervention
2 years ago

WFH rules in special economic zones simplified further after Nasscom’s intervention

The Hindu  

The Union Ministry of Commerce has further simplified work-from-home rules in Special Economic Zones after Nasscom made a series of deliberations and government engagements, said the apex body on Friday. This is a major step towards enabling ease of doing business and will provide much-needed flexibility for companies operating in SEZs to develop a strong hybrid work model for the …

What The DESH Bill 'SEZ' about Boosting India's Manufacturing Might, Meeting WTO Standards - News18
2 years, 4 months ago

What The DESH Bill 'SEZ' about Boosting India's Manufacturing Might, Meeting WTO Standards - News18

News 18  

Parliament is the temple of democracy and parliamentary procedures the rites by which the will of the people is translated into practice. The government plans to table the Development of Enterprise and Service Hubs Bill during the ongoing monsoon session of Parliament, in a bid to overhaul the SEZ Act of 2005. In her budget speech this year, finance minister …

What a new SEZ law will mean for manufacturing
2 years, 5 months ago

What a new SEZ law will mean for manufacturing

Live Mint  

The government plans to table the Development of Enterprise and Service Hubs Bill in the monsoon session of the Parliament, which will overhaul the special economic zones legislation. The World Trade Organization’s dispute settlement panel has ruled that India’s export-related schemes, including the SEZ Scheme, were inconsistent with WTO rules, since it directly linked tax benefits to exports. SEZ units …

Budget 2022: SEZ Act to be Replaced by New Legislation to Allow States to Come on Board
2 years, 10 months ago

Budget 2022: SEZ Act to be Replaced by New Legislation to Allow States to Come on Board

News 18  

SEZ Act will be replaced with new legislation…for the development of enterprise and hubs… It will cover the existing industrial enclaves and enhance the competitiveness of exports, said FM Nirmala Sitharaman while presenting her Budget 2022 speech. In January, commerce secretary BVR Subrahmanyam had said: “If there is a unit in an SEZ facing the domestic market, it will behave …

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