What is SEZ Online system?
SEZ Online has been developed and implemented as per the directive of Department of Commerce, Ministry of Commerce & Industry and the system enables electronic filing and processing of important SEZ related transactions that SEZ Developers, Co-Developers and Units have with SEZ administration.
What is the process of SEZ?
Procedure for Obtaining SEZ Approval Any person willing to set up a Special Economic Zone has to make a proposal to the State Government. In case, proposal is directly made against Board, the person, after getting approval from the Board, is required to obtain the concurrence of the State Government.
What is SEZ bill of entry?
Units importing goods into the SEZ are required to submit Bill of Entry (BOE) with the Customs Specified Officer at the Office of the Development Commissioner. The unit can prepare and submit BOE to the DC Customs Office through SEZ Online system.
How can I get SEZ approval?
Any individual, co-operative society, company or partnership firm can file an application for setting up of Special Economic Zone. The application is to be made in Form-A to the concerned State Government and the Board of Approval (BOA) in the Department of Commerce, Government of India.
What are benefits of SEZ?
On Other Transactions
- 50 % exemption of Stamp duty & Registration Fees.
- 50% exemption of Stamp duty on Mortgages.
- Exemption of Electricity Duty and Taxes.
- Domestic Sales –Subject to NFE Conditions.
- Exemption of Income Tax (100% for 5 yrs. + 50% for next 5 yrs + 50% ploughed back export profit from next 5 years )
Who can setup SEZ in India?
According to SEZ Act 2005, a Special Economic Zone can be established either jointly or severally by the Central Government, State Government, or any other person involve in the manufacturing of goods. Even a foreign company can also set up SEZ in India.
What are the documents required for SEZ sales?
Supply to SEZ units without paying IGST
- The supplier executing bond can use the input tax credit against any other domestic supply;
- An indemnity bond in format GST RFD-11 on a non-judicial stamp paper is required;
- Bank guarantee in form of security, is required while executing bond;
Is SEZ a foreign territory?
Special Economic Zone (SEZ) is a specifically delineated duty free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.
Can IFSC be set up in SEZs?
IFSC in SEZ As per Sub section (1) of Section 18 of SEZ Act, 2005, The Central Government may approve the setting up of an International Financial Service Centre in a Special Economic Zone and may prescribe the requirements for setting up and operation of such centre.
How many free trade zones are there in India?
8 approved Free Trade
There are 8 approved Free Trade and Warehousing Zones (FTWZs) in India.
How does the SEZ online system [ SOS ] work?
SEZ Online system [SOS] enables entity users (SEZ units/ Developers/ Co developers) to submit their various applications, customs transactions & compliance reports to D’s office in electronic form.
How to export SEZ online digital signature certificate ( DSC )?
DSC Manual version 1.2 7 SEZ Online Of Ministry of Commerce NSDL Database Management Limited a) Open Internet Explorer b) Select Tools -> Internet Options c) Select Content Tab -> Certificate d) The certificate is displayed in the Certificate tab (see Image 2). Image 2 e) Click the certificate, and then click the Export button.
Can a foreign company set up SEZ in India?
Even a foreign company can also set up SEZ in India. After identifying the proper area a person wishing to establish a SEZ unit may make a proposal to the State Government
How long does in principle approval for Special Economic Zone last?
The in-principle approval shall be valid for a period of one year. However, this validity period may be extended by the Department of Commerce, as it may thinks fit. According to Section 3 (7) of Special economic Zones Act, 2005, the Board of Approval may accept, modify or reject the proposal depending upon various circumstances.