SEZ AMENDMENT
Commerce ministry seeks views of departments on measures to revive SEZs, promote economies of scale: Official
"The main issue in SEZs is that we are not able to get economies of scale. The connect between SEZs and the domestic tariff area (DTA) or domestic market has to be improved. There are also issues if DTA is selling to SEZs," the official said.
Domestic market access for SEZs, SOP for trade pacts likely in 100-day plan
The commerce department is developing a 100-day action plan focusing on various key areas. This includes allowing Special Economic Zones (SEZs) to sell in the domestic market, setting up a comprehensive trade information platform, standard operating procedures for negotiating free trade agreements (FTAs), and establishing ecommerce export zones. The plan also includes the launch of a Trade Connect e-Platform to assist new exporters, the development of ecommerce export hubs, and efforts to boost goods and services exports to $2 trillion by 2030.
Proposed SEZ Amendment Bill may figure in 100-day agenda
The government is considering several measures such as a flexible framework for the sale of products manufactured in SEZs in the domestic market, and streamlining approval processes for units.
SEZs to get RoDTEP scheme benefits
The scheme does not include all exports. Products exported from SEZs, EOUs, Electronic Hardware Technology Parks, Biotechnology Parks and Customs bonded warehouses; exports under Advance Authorisation (which allows duty-free imports of inputs for export production); re-exported imported goods are excluded.
DLF Cyber City applies for denotification of office space in SEZs
DLF Cyber City Developers (DCCDL), the rental arm of DLF, has applied for denotification of 1.1 million sq ft of office space in Special Economic Zones (SEZs) and plans to start leasing it by March end. The SEZ portfolio of DLF has a vacancy of about 16%, while the non-SEZ portfolio has a vacancy of only 3%. The government's amendment in SEZ rules in December 2023 allows partial and floor-wise denotification, benefiting IT and ITES companies. DLF has already applied for denotification and is working out the duty drawback payment with a chartered surveyor.
Govt eases norms for moving used IT hardware out of duty-free SEZs
The Indian government has relaxed restrictions on the movement of used computers, monitors, and printers from special economic zones (SEZs) to domestic tariff areas (DTA) outside these duty-free enclaves. The Directorate General of Foreign Trade (DGFT) has amended the import policy for these products from "restricted" to "free subject to conditions".
- Go To Page 1
Centre weighs requests for benefits in SEZ common areas
The government is reviewing requests from special economic zone (SEZ) developers seeking clarification on retaining benefits for demarcated domestic areas, excluding common spaces like gyms and cafeterias. A recent SEZ amendment permits denotification of full floors in IT and IT-enabled services SEZs in exchange for customs benefit repayment. I
SEZ denotification to bridge demand supply gap for flexi office operators
The relaxation of Special Economic Zone (SEZ) regulations, coupled with growing demand for flexible office solutions, is poised to enhance the availability of grade-A office spaces. This development has the potential to alleviate the prolonged scarcity in a high-demand market segment. Additionally, partial de-notification is anticipated to release space formerly designated for domestic business purposes.
Floor-wise denotification to help unlock 15-18 million sq ft operational SEZ space: Study
The recent central government notification allowing floor-wise denotification of IT Special Economic Zones (SEZs) is expected to rejuvenate the appeal of IT/IT-enabled services SEZs, transforming them into dynamic office hubs, according to a JLL India study.
Amendments in SEZ Act to benefit commercial office leasing
Flexibility to demarcate part area without significant cost implications is a positive. The changes made to the Special Economic Zones Act, 2005 (SEZ Act) on December 6, 2023, by the Department of Commerce, are anticipated to greatly decrease the vacant office spaces in major cities of India due to increased leasing activities.
Vacancies of office space in IT-SEZs to reduce from govt's move to amend SEZ rules: REITs players
"The Indian REITs Association welcomes this positive development on the SEZ amendment. The growth of Grade A commercial office spaces rests on the demand the industry is witnessing from Global Captive Centres and domestic businesses, and this move is expected to boost demand," said founding members jointly.
Govt allows IT SEZs floor-wise denotification, move likely to help reduce vacancy levels
Government has granted relief to office park owners and operators by allowing partial and floor-wise denotification of Special Economic Zones (SEZs) through an amendment to SEZ Rules, 2006. The move permits demarcation of a part of SEZ built-up areas for non-processing uses, with a focus on information technology and IT-enabled services.
Centre may junk DESH Bill, amend SEZ Act
The ministries of finance and commerce & industry have been in discussions on the DESH bill for more than a year. Partial de-notification of zones, sales to DTA, concessional corporate tax for them and removal of net foreign exchange earning requirement have been some of the sticky issues between the two ministries.
SEZs out of gold import restrictions, govt clarifies
The directorate general of foreign trade (DGFT), had on Wednesday, notified that the import policy for unstudded jewellery made of gold, and other articles made of gold was amended to “restricted” from “free” except imports under the India-UAE free trade agreement.
Government amends export policy for biofuels
The Directorate General of Foreign Trade (DGFT) has amended that notification of 2018 "to the extent that export of biofuel from special economic zones/export oriented units, are allowed for fuel as well as non-fuel purpose without any restriction when produced using only imported feed stock".
To impose (or not to impose) anti-dumping duty: Budget’s retrospective amendment may impact domestic industry
It will now be very interesting to witness how the proposed amendment will impact the past CESTAT decisions.
Gaming tech firm Aristocrat leases 128,000 sq ft of office space at Noida SEZ
The leasing comes at a time when companies are avoiding SEZs and are waiting for the Development (Enterprise and Services) Hubs Bill, 2022, to replace the Special Economic Zones Act. Samsung had leased 370,000 sq ft of office space at Candor TechSpace SEZ, which is part of the Brookfield REIT portfolio.
100% WFH allowed for IT units in SEZs
As per the latest rules, units will not need to take prior permission and only inform about it.
Concerns mount over DESH Bill delay, investors and SEZs push for rollout
The DESH Bill, announced in the Union Budget this year, seeks to help generate more employment opportunities and revenue apart from preventing migration of key business functions to other countries, including China and the Philippines. However, its implementation is taking longer despite all the stakeholders already convinced about its benefits to the economy and businesses.
Institutional investors, SEZ developers seek to expedite DESH Bill implementation
The DESH Bill, aimed at helping generate more employment opportunities and revenue apart from preventing migration of key business functions to other countries including China and Philippines, was introduced in the Union Budget this year. However, the implantation of the bill is taking longer despite all the stakeholders already convinced about its benefits to the economy and businesses.
SEZ rules recast to give a boost to realty too: Experts
The Bill also proposes to set up an integrated single-window clearance mechanism for the grant of time-bound approvals for the establishment and operation of these hubs, including single application forms and returns.
Govt amends SEZ norms to help companies opt for flexible work options
As per the notification issued by the commerce and industry ministry, a unit operating in the SEZ may permit its employees, including contractual staff, to work from home or from any place outside the SEZ.
Ashneer Grover seeks indemnity; MediBuddy bags $125 million
Ashneer Grover, the embattled cofounder and managing director of BharatPe, who is in discussions with the firm, has sought protection from any future action against as part of his settlement.
New SEZ Act should factor in hybrid work structure: IT industry
The $227 billion sector is also seeking clarity around issues such as impact of work from home on Income Tax exemptions under Section 10AA and expansion of the SEZ Reserve to include investments on infrastructure and employees.
Developers expect demand for office space in SEZ to go up after replacement of existing Act
Direct tax benefits are not available for new units in SEZs from March 31, 2020, and with heavy restrictions/compliances in place for operating in such facilities, demand has become subdued for SEZs, primarily IT parks, and vacancies have started growing. SEZ clients are not renewing spaces and companies are preferring non-SEZs for offices.
Budget 2022-23: Opening doors for new generation of urban development strategies
The new budget is now tied to measures that would allow people to live and work closer to mass transit networks, promote public transportation use, and leverage the federal government's financial assistance for mass transit projects and the AMRUT scheme.
Budget 2022-23: Shift focus from exports towards employment, says industry on new SEZ legislation
Hailing the announcements in the Budget on Tuesday as a welcome move, industry experts said these moves were long awaited.
Budget: As supply chain crisis exacerbates, clamour for India’s own shipping line, container manufacturing grows
The Union Budget should have measures to address the supply chain issues being faced by the exporting community, say industry observers. A push for R&D and easing of tax pressures are sorely needed, say exporters.
Budget expectations: Changes in GST, rationalization of import duties
While changes in GST rates and procedures occur throughout the year after GST Council meetings, changes in its statutes are proposed only through the Finance Bill declared in the Budget session of the Parliament.
Load More
