What does SEEPZ stand for?
What does SEEPZ stand for?
Santacruz Electronic Export Processing Zone
Santacruz Electronic Export Processing Zone (SEEPZ) was set up on 1st May, 1973 as uni-product EPZ exclusively for manufacture and export of electronic items in an area of 100 acres ( which was later increase to 110 acres) of land leased through the Maharashtra Industrial Industrial Development Corporation (MIDC).
Is Mumbai a special economic zone?
Currently, there are 29 operational SEZs in the state. Out of these, seven are located in Mumbai, Navi Mumbai, and Thane.
How many SEXS are there in Maharashtra?
378 SEZs are presently notified, out of which 265 are operational
| States/Union Territories-wise distribution of approved SEZs | ||
|---|---|---|
| States/UTs | Central Government SEZs set up prior to the enactment of SEZs Act, 2005 | Formal Approvals granted under the SEZs Act, 2005 |
| Maharashtra | 1 | 51 |
| Manipur | 0 | 1 |
| Nagaland | 0 | 2 |
Which is the first SEZ in India?
Kandla
Welcome to Special Economic Zone (SEZ). India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965.
What are benefits of SEZ?
Special Economic Zone Benefits
- Creation of Economic enclave to cater overseas market.
- Generation of employment opportunities.
- Promotion of investment – domestic and foreign.
- Significant Foreign Exchange Earnings through exports.
- Development of world class infrastructure facilities.
How many SEZ zones in India?
Where are SEZs located in India? At present there are eight functional SEZs located at Santa Cruz (Maharashtra), Cochin (Kerala), Kandla and Surat (Gujarat), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Falta (West Bengal) and Noida (Uttar Pradesh) in India.
Is SEZ tax free?
100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years. (Sunset Clause for Units will become effective from 01.04. 2020)
What facilities are provided in Special Economic Zone?
SEZs are to have world class facilities, such as electricity, water, roads, transport, storage, recreational & educational facilities. flexibility in labour laws. Establishment of Special Economic Zones, which would provide the industries and factories world class facilities like constant electricity, water, etc.
How many SEZ are there in Maharashtra?
378 SEZs are presently notified, out of which 265 are operational
| States/Union Territories-wise distribution of approved SEZs | ||
|---|---|---|
| States/UTs | Central Government SEZs set up prior to the enactment of SEZs Act, 2005 | Formal Approvals granted under the SEZs Act, 2005 |
| Kerala | 1 | 29 |
| Madhya Pradesh | 0 | 12 |
| Maharashtra | 1 | 51 |
Which state has highest number of SEZ?
Tamil Nadu
Meanwhile, Tamil Nadu has the highest number of operational SEZs (40), followed by Karnataka (31), and Maharashtra (30).
What are benefits in SEZ?
Setting up of off-shore banking units is allowed in SEZs. Freedom to bring in export proceeds without any time limit. External commercial borrowings by units up to $500 million a year allowed without any maturity restrictions. OBUs allowed 100% income tax exemption on profit for 3 years and 50% for the next 2 years.
Can SEZ unit claim back GST?
The High Court of Judicature at Madras issued a decision allowing a taxpayer—a “special economic zone” unit—to claim a refund of goods and services tax (GST) paid on the procurement of inputs and input services.
