Any operational change of SEZ scheme after GST

 

SEZ operations changes After GST.

 

Any operational change of SEZ scheme after GSTHere we examine, whether any operational changes in SEZ after GST implementation.

 

SEZ operations changes under GST regime

 

Special Economic Zones are considered to be a foreign territory for trade operations and duties, and is mainly set up for promoting exports. SEZs are located within a country’s national borders, however, they are treated as a foreign territory from taxability perspective as customs bonded area. The idea setting up of SEZ is to focus up on increase in Foreign Trade by promotion of exports of goods and services, Increased Foreign Investment, Domestic Job creation, effective Administration with Compliance Procedures and better Infrastructure Facilities.

 

Is there any change in operations of Special Economic Zone scheme units after implementation of GST?

 

According to GST Law, there is no change in the operation of the SEZ scheme. SEZs can continue to import raw materials without payment of any duty. Supplies to SEZs would also be treated as Zero rated supplies.

 

The government has exempted goods imported by units or developers of special economic zones from integrated goods and services tax (IGST).

 

 

Comment below your thoughts and share your experience about SEZ operations changes After GST.

 

 

 

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