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DLF requess for denotification for 4 SEZ

The Board of Approvals on Special Economic Zones (SEZs) has agreed to denotify four zones of real estate major DLF. DLF is interested now to develop commercial projects on 100 acres in 4 states viz. Gandhinagar, Sonepat, Kolkatta and Bhubaneshwar. However, the company has to repay all tax benefits that it availed of while developing these.

Concessions for power plants in SEZ

Govt. of India has issued fresh guidelines related to power generation in SEZ. According to the new guideline, a power plant will enjoy tax benefits akin to other industries in the SEZ. If the power plant is set up in the processing area, it will enjoy duty free capital equipment, raw material feedstock and other consumables for power generation. However, if the power generation unit is set up outside the processing area, then the benefits will be limited to that of duty free capital equipment but will not extend to consumables. For ports, there will be clear demarcation of processing area and accounts have to be maintained separately for power generation units.

Rules amended to bring cheers to SEZ developers

Commerce Ministry amended 16 rules governing SEZ, to meet the demands of exporters and developers who work on SEZs. The amends provide relief on reimbursement  of duty through Duty Drawback Scheme to suppliers outside SEZ, even in rupee payment. These benefits so far enjoyed by contractors and developers have also been extended to sub-contractors. The amended rules also allow developers to provide housing facilities for workers and staff, apart from management  in tax-free enclaves.  Some relief have also been provided to affected sectors viz. Gems, jewellery sector to bring back goods into SEZ in case of quality issues or refusals. Exports from SEZ so far has crossed 12 billion dollars.


SEZ exports grow at 40 %


Despite economic glooms, Indian exports from SEZ has grown up by 40%. Total exports is now at Rs.90,000 crore which will grow up to Rs.1,45,000 crore by 2010. Inspite of this growth, many SEZ developers have shelved or deferred plans to wait for the economy to recover. However, projects which are nearer completion will start operations. Around 120 units will become operational by December 2009 from the current 87 units


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