Special Economic Zones
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Special Economic Zones
Special Economic Zones have been set up with a view to encourage free trade for the purpose of promotion of exports. A Special Economic Zone is a specifically delineated duty free enclave and shall be deemed to be foreign territory for purposes of trade operations and duties and tariffs. Goods going into the shall be treated as ‘deemed exports’ Goods coming from the SEZ are DTA shall be treated as imported goods.
In any SEZ goods may be imported or procured from DTA without payment of duty for the purpose of production, processing, repair , reconditioning, packaging etc. of goods for the purpose of exports. An SEZ may be set up in the public, private or joint sector or by state Government as notified by the Central Government.
Software Technology Parks (STPs) & Electronics Hardware Technology Parks (EHTPs) Scheme: Software Technology Parks (STPs) are 100% Export cent exports. No license is required for import of equipment into the technology park. All the imports into the Technology park are duty free. Under the Hardware Technology park scheme, an Electronic Hardwar Technology park may be set up by the central government, state government, public or private sector undertakings. An EHTP unit may import free of duty all types of goods including all capital goods required for its production operations.
The privileges to the units in the special economic zones are as follows:
(i) Units set up in SEZ for trading including labeling, repeating, minor processing may import goods from DTA or other SEZ/EPZ without payment of duty for physical export or sale to other SEZ/EOU/EPZ units.
(ii) SEZ units may sell goods and services in DTA in accordance with the import policy in force.
(iii) Scrap/waste/remnants/rejects arising out of production process may be sold in the DTA on payment of applicable duty.
(iv) SEZ units may subcontract a port of their production process int eh DTA with the permission of the custom authorities.
(v) Inter-unit transfer of goods amongst SEZ units shall not require any permission. However, the units shall maintain proper account of the transaction.
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In any SEZ goods may be imported or procured from DTA without payment of duty for the purpose of production, processing, repair , reconditioning, packaging etc. of goods for the purpose of exports. An SEZ may be set up in the public, private or joint sector or by state Government as notified by the Central Government.
Software Technology Parks (STPs) & Electronics Hardware Technology Parks (EHTPs) Scheme: Software Technology Parks (STPs) are 100% Export cent exports. No license is required for import of equipment into the technology park. All the imports into the Technology park are duty free. Under the Hardware Technology park scheme, an Electronic Hardwar Technology park may be set up by the central government, state government, public or private sector undertakings. An EHTP unit may import free of duty all types of goods including all capital goods required for its production operations.
The privileges to the units in the special economic zones are as follows:
(i) Units set up in SEZ for trading including labeling, repeating, minor processing may import goods from DTA or other SEZ/EPZ without payment of duty for physical export or sale to other SEZ/EOU/EPZ units.
(ii) SEZ units may sell goods and services in DTA in accordance with the import policy in force.
(iii) Scrap/waste/remnants/rejects arising out of production process may be sold in the DTA on payment of applicable duty.
(iv) SEZ units may subcontract a port of their production process int eh DTA with the permission of the custom authorities.
(v) Inter-unit transfer of goods amongst SEZ units shall not require any permission. However, the units shall maintain proper account of the transaction.
For more help in Special Economic Zones click the button below to submit your homework assignment