Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Commerce Ministry for Removal of Sunset Clause for SEZs

In a letter to the finance ministry, the department of commerce has also asked for removal of minimum alternate tax on SEZs.

PTI

Updated:January 21, 2018, 10:23 AM IST
facebookTwitterskypewhatsapp
Commerce Ministry for Removal of Sunset Clause for SEZs
File photo of Union Minister for Finance and Corporate Affairs Arun Jaitley. (Image: PTI)
Loading...

New Delhi: The commerce ministry has pitched for continuation of tax incentives being enjoyed by units in special economic zones (SEZs) with a view to boost shipments and job creation, a government official said.

In a letter to the finance ministry, the department of commerce has also asked for removal of minimum alternate tax on SEZs.

In the Budget 2016-17, Finance Minister Arun Jaitley had stated that the income tax benefits to new SEZ units would be available to only those units which commence activity before March 31, 2020.

The commerce ministry wants removal of this sunset clause as it would negatively impact growth of these zones, the official added.

According to industry experts, the clause that indicates the date in advance on which tax incentives will cease to exist is a retrograde step and would impact investments and job creation in these zones.

"The sunset clause will impact investments. Projects which would not be able to get completed by March 2020, they may become unviable. So, (the) government should consider removing this," Export Promotion Council for EOUs and SEZs (EPCES) former Chairman Rahul Gupta said.

Units in SEZs enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years thereafter and 50 per cent of the ploughed back export profit for another five years.

SEZs, which emerged as major export hubs in the country, started losing their sheen after imposition of minimum alternate tax and introduction of sunset clause.

During April-September 2017-18, exports from these zones grew by 13 per cent to about Rs 2.67 lakh crore.

As on September last year, SEZs have attracted investments worth about Rs 4.49 lakh crore.

Till December 1, 2017, the government has approved 423 SEZs, of which 222 are operational.

Last month, a commerce ministry-appointed panel has suggested that the Board of Approval, the highest decision making body for SEZs, should be given additional powers to exempt units and developers from certain rules to promote these zones.

| Edited by: Ananya Chakraborty
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Shriram Trans 1,017.95 -6.18
IndusInd Bank 1,399.65 -1.90
Yes Bank 116.15 0.96
Reliance 1,282.30 -2.68
Indiabulls Hsg 654.70 -2.61
Company Price Change %Gain
Apollo Tyres 200.00 7.87
Reliance 1,281.50 -2.69
Yes Bank 116.20 0.74
Indiabulls Hsg 655.25 -2.51
Shriram Trans 1,018.00 -5.88
Top Gainers
Company Price Change %Gain
Yes Bank 116.15 0.96
Zee Entertain 338.10 0.48
Wipro 299.15 0.12
Coal India 255.30 0.06
Infosys 740.55 0.01
Company Price Change %Gain
Yes Bank 116.20 0.74
Coal India 255.20 0.10
Top Losers
Company Price Change %Gain
Tata Steel 473.10 -5.72
JSW Steel 260.20 -4.07
Tata Motors 158.75 -3.32
Vedanta 164.05 -3.24
Axis Bank 777.70 -2.93
Company Price Change %Gain
Tata Steel 473.05 -5.66
Vedanta 163.95 -3.33
Tata Motors 158.85 -3.20
Axis Bank 776.70 -2.93
Bharti Airtel 343.50 -2.77

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results