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Special Economic Zone and Export Oriented Units in India

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Special Economic Zone and Export Oriented Units in India HANDBOOK ON SPECIAL ECONOMIC ZONE AND EXPORT ORIENTED UNITS IN INDIA HANDBOOK ON SpeciAl ecONOmic ZONeS AND expOrt OrieNteD UNitS, iN iNDiA THE INSTITUTE OF COST ACCOUNTANTS OF INDIA (Statutory Body under an Act of Parliament) www.icmai.in Introductory Edition - June 2020 First Revised Edition -July 2021 Published by The President The Institute of Cost Accountants of India CMA Bhawan 12, Sudder Street, Kolkata - 700016 Delhi Office CMA Bhawan 3, Institutional Area, Lodhi Road, New Delhi – 110003 The Institute of Cost Accountants of India (Statutory body under an Act of Parliament) © All rights reserved Disclaimer: This Publication does not constitute professional advice. The information in this publication has been obtained or derived from sources believed by the Institute of Cost Accountants of India (ICAI) to be reliable. Any opinions or estimates contained in this publication represent the judgment of ICAI at this time. Readers of his publication are advised to seek their own professional advice before taking any course of action or decision, for which they are entirely responsible, based on the contents of this publication. ICAI neither accepts nor assumes any responsibility or liability to any reader for this publication in respect of the information contained within it or for any decisions reader may take or decide not to or fail to take. President’s Message It makes me immensely happy that the Tax Research Department has come up with this revised publication on “Special Economic Zone and Export Oriented Units in India”. I am sure that this handbook would be appreciated as its previous version and would serve as a ready knowledge resource and would be benefi cial for the professionals, industry and stakeholders in dealing with provisions under SEZ and EOUs. A Special Economic Zone (SEZ) which is a specifi ed duty-free zone deemed to be a foreign territory within the country for the purpose of tariff and trade is set up with the objectives of promotion of goods and services leading to enhanced economic activities, investment promotion, development of infrastructure, creation of employment opportunities etc. SEZ’s could be multiple product SEZ’s, sector specifi c, IT sector, free trade and warehousing, gem and jewellery sector, biotechnology etc. SEZ’s enjoy a host of fi scal and tax benefi ts. To put in the government’s own words, the main objectives of the SEZs are: (a) Generation of additional economic activity; (b) Promotion of exports of goods and services; (c) Promotion of investment from domestic and foreign sources; (d) Creation of employment opportunities; (e) Development of infrastructure facilities. I am delighted that this handbook is comprehensive and will serve the stakeholders with very good knowledge and information. I hope that the Tax Research Department of the Institute will continue to bring out such valuable documents for the capacity building of the members and stakeholders. CMA Biswarup Basu President Date 01.07.2021 Vice President’s Message The Export Oriented Units (EOUs) scheme was introduced in early 1981 and it is complementary to the SEZ scheme. It adopts the same production regime but offers a wide option in locations with reference to factors like source of raw materials, ports of export, hinterland facilities, availability of technological skills, existence of an industrial base and the need for a larger area of land for the project. SEZ and EOUs are defi nitely important for the development of our economy and CMAs can surely contribute positively in this fi eld. Cost Accountants have various genres of contributions that they can make in this fi eld and this is also a booming sector in the present economy. A few examples may be cited as below: (i) Department of Commerce, Ministry of Commerce and Industry vide notifi cation dated 7.3.2019 issued Special Economic Zones (2nd Amendment) Rules, 2019 and consider Cost Accountants at par with Chartered Accountants for certifi cation of Form-I Annual Performance Report for Units under Rule 22 of Special Economic Zones Rules, 2006. (ii) Ministry Of Commerce and Industry vide notifi cation dated 19th September 2018 amended the Special Economic Zones Rules, 2006, Cost Accountants are authorized to certify the half-yearly certifi cate for the period ending 31st March and 30th September of every fi nancial year regarding utilization of goods and services submitted by developer under sub- rule (7) of Rule 12. I am glad that the Tax Research Department has published this handbook for the benefi t for all. I would like to thank the resource pool of the Institute for their valuable contribution. Their knowledge and dedication has made this publication lucid and simple for understanding of the stakeholders and learners. CMA P Raju Iyer Vice President Date 01.07.2021 Chairman’s Message We all know about SEZ and EOU, but it is important to know the difference between them because of the special status enjoyed by an SEZ unit. The operations of the SEZ Developer and the SEZ unit are governed by a separate Act, that is to say the Special Economic Zone Act 2005 and the rules framed there under; whereas EOU features as a part of the Foreign Trade Policy. SEZ Units are located in a specially designated zone with large infrastructure as compared to an EOU which can be located anywhere and is essentially a standalone unit. Supplies made to EOU by supplier are considered as ‘deemed exports’ and the supplier is entitled to benefi ts of ‘deemed export’ as laid down in the Foreign Trade Policy while supplies to SEZ are considered as ‘exports’ with all export benefi ts. Again, in case of custom clearance, Fast Track Clearance Scheme (FTCS) for clearances of imported consignments is available for EOUs. In case of SEZ units, customs clearance for export and import are obtained within the zone itself. General infrastructure available to SEZ unit are much better as available to EOUs. This handbook is meant to address the critical issues in SEZ and EOUs which has been done quite lucidly. I have always been appreciative of the efforts that are put in by the Tax Research Department for the benefi t of the members and stakeholders. The resource pool of the department has always been supportive in all their endeavours. I wish them all the luck. CMA Chittaranjan Chattopadhyay Chairman – Indirect Taxation Committee Date 01.07.2021 Chairman’s Message Today, I would like to speak about SEZ Online systems. SEZ Online System is an e-governance initiative of Ministry of Commerce and Industry for setting up a nationwide uniform platform for carrying out Administrative and Customs requests of the SEZ Units / Developers under the purview of SEZ Act and Rules with SEZ (Special Economic Zones) Authorities. The objective is to bring in transparency, effi ciency, reduce paper, ensure authenticity of information, adherence to applicable compliances and business rules and provide a robust system for storage and reporting of data. SEZ units which are already approved i.e. those which have received Letter of Approval/Permission from respective Development Commissioner’s offi ce can use Unit Regularization Module to get registered in SEZ Online System. This new online platform has been initiated to boost exports. But it should be remembered, although both EOUs and SEZs, were initiated to boost exports, there are differences between the two. An EOU can be set up anywhere in the country, provided it meets the scheme’s criteria. On the other hand, an SEZ is a specially demarcated enclave that is deemed to be outside the Customs jurisdiction and therefore, a foreign territory. Thus, any sale made from within an SEZ to DTA is considered export while any sale made by an EOU to DTA is regarded as deemed exports. Sale from SEZs to DTAs is more common, compared to sales from EOUs to DTAs. I am optimistic that this handbook would address all the issues relating to SEZ and EOUs. My heartfelt thanks and best regards to all the resource contributors and Team TRD for their sincere efforts. Jai Hind. CMA Rakesh Bhalla Chairman – Direct Taxation Committee Date 01.07.2021 Preface Special Economic Zones and 100% Export Oriented Units Schemes are playing a crucial role in the employment generation, increasing manufacturing activity in the country and encouraging exports. Signifi cant changes have been brought out in the EOU and SEZ Schemes in the recent past due to implementation of GST in the Country. Although both EOUs and SEZs, were initiated to boost exports, there are differences between the two. An EOU can be set up anywhere in thecountry, provided it meets the scheme’s criteria. On the other hand, an SEZ is a specially demarcated enclave that is deemed to be outside the Customs jurisdiction and therefore, a foreign territory. Thus, any salemade from within an SEZ to DTA is considered export while any sale made by an EOU to DTA is regarded as deemed exports. Sale from SEZs to DTAs are more common, compared to sales from EOUs to DTAs. We would also like to thank and acknowledge the immense co tributions of Advocate Ramesh Jena without whose selfl ess contribution and guidance the handbook could have never acquired its shape. The department is indebted to him for his immense contributions. Thank You. Tax Research Department Date 01.07.2021 CONTENTS Part - A Chapter SPECIAL ECONOMIC ZONE Page No. Chapter-1 Introduction to SEZ 1 - 22 Definition of SEZ Unique features Procedure for making proposal to establish SEZ Statutory laws of SEZ Administrative set up Constitution of Board of Approval Duties, powers and functions of Board Development
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