WHAT IS SEZ?

• SEZ is a specially designated duty free enclave deemed to be a foreign territory for the purpose of trade operations, duties and tariffs.

• A Special Economic Zone (SEZ) is a geographical region that has economic laws more liberal than rest of the country’s general economic laws
• SEZ Act and Rules were framed to attract foreign investments into India, encourage exports from India to bring in more and more foreign exchange into India.
• All Goods and services supplied from Domestic Tariff Area (DTA) to SEZ are treated as deemed exports and all Goods and services supplied by SEZ units to Domestic Tariff Area (DTA) are treated as imports into India and subject to all procedures and rules applicable in case of normal imports into India.
• SEZ’s are deemed to be a airport, port, Land Custom stations, and Inland container depot under the Customs Act.
• SEZ Developers/Co-developers/Units are entitled for various fiscal/Non Fiscal incentives and benefits as per SEZ Act and Rules
• Manufacturing, Servicing, trading, re-conditioning, repair etc are allowed in the SEZ’s.
• SEZ policy was introduced in year 2000 under Export Import Policy, However SEZ Act was enacted in 2005 and passed by Parliament and rules was framed in 2006

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