Special Economic Zones will hopefully see positive signals soon
It has recently come to our notice that the commerce department has started to work towards letting units belonging to the enclaves that are tax free in selling a segment of their production at markets as well the expanding the benefits under the important schemes of Focus Products and Focus Markets.
Not just that, the commerce ministry has taken further political action and tried to persuade the finance ministry to get rid of the minimum alternate and dividend distribution taxes for the units of the Special Economic Zones. One of the government officials have mentioned that necessary and important changes need to made in the scheme so that the process of manufacturing is improved.
Since there has been very little success in the scheme, a study was organized by the Indian Council for Research and International Economic Relations to understand the reasons of the demise carefully. A meeting was also conducted between Prime Minister Narendra Modi and the secretaries of revenue and commerce where the future of SEZ programmes had to be given special emphasis. Since the revenue secretary had been transferred, it was not possible to go ahead with the meeting.
Source -The Economic Times, Bangalore
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