Incentives of SEEPZ

The Incentives of SEEPZ or the Santacruz Electronics Export Processing Zone paves the way to the successful export-oriented activities of the manufacturing units operating in this special economic zone. The SEEPZ was established in the year 1973-74. The main advantage of this zone is its geo-strategic position in the heart of the capital city of Mumbai, which made the SEEPZ to access the vast social, commercial, and industrial infrastructure of the metropolis. Initially, this EPZ was mainly formulated for the exclusive purpose of manufacture and export of electronic items.

The Maharashtra Industrial Development Corporation gave a lease of a piece of 100 acres of land for the fulfillment of this. However, with time considering the high potentiality of the gem and jewelry industry in the global market and the pollution - free nature of it, the Indian government in the year 1987-88, permitted the manufacture and export of Gem and Jewellery items from the Santacruz Electronics Export Processing Zone. The key to the high returns from this zone lies in the basic infrastructure and in the Incentives of SEEPZ.

The Incentives SEEPZ offers, emphasize on land, factory premise, power, water, communication and urban transport, telecommunications network, and environment along with the clearance facilities provided by the Office of the Development Commissioner. There is a hazard free Customs clearance service that enhances the export-import related matters.

Incentives of SEEPZ highlights are as follows:

• The SEZ units of SEEPZ are permitted a tax holiday according to the provisions of the Income-tax Act.
  
  
• The units of the SEEPZ are provided with duty free import of capital goods and equipment from various sources.
  
  
• Certain items like capital goods, raw materials, spare components, consumables, tooling and packaging materials are exempted from paying customs duty.
  
  
• The products manufactured within the special economic zones are exempted from central excise duties and other related levies.
  
  
• Capital goods, computers, raw materials, and other spare components that are arranged from Domestic Tariff Area are also exempted from paying excise duties.
  
  
• The SEZ manufacturing units are provided with special licenses and relaxations in local laws and levies like Octroi, Sales Taxes and Property Tax.
  
  
• The capital goods and raw materials that are supplied to the units from all over the country can be addressed as Deemed Exports, which are allowed to enjoy deemed export benefits including Duty Drawbacks, CST Reimbursement, and Terminal Excise Duty.
  
  
• All inputs are easily available at international price rate at Zero Inventory.
  
  
• Within the SEEPZ, there are service centers that look after all the necessary requirements of the zonal manufacturing units, including public utility services like post-office, public telex office, banks, canteens, dispensary, ATM facilities.
  
  
• Incentives of SEEPZ includes supportive administrative system to aid the new firms to start and get along with the production process in shortest possible time, along with accelerating their export activities.
  
  
• Regarding the housing, factory building, restaurants, dispensary, and all other development of infrastructure within the units set up in SEEPZ SEZ 100% foreign investment is allowed.
  
  
• The foreign investors operating in the zone are offered attractive packages of remitting profits and dividends with the payment of certain taxes.
  
  
• On paying certain duties applicable on them, the manufacturing units are allowed to sell their produces outside.