Special Economic Zones
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Manikanchan SEZ
Manikanchan SEZ is a unique project of the state of West Bengal which serves to tap the immense growth potential of the Gem and Jewelry industry of West Bengal. The government of West Bengal has drawn plans to commercially exploit this industry and increase its reserve of foreign exchange.
The idea of the establishment of special economic zones was initiated by the central government of India while reexamining the export-import policy of 1997-2000.
The term special economic zone incorporates the establishment of an duty-free enclave and the enclave will be not be considered as an Indian territory and therefore, will have its individual tariffs rules and the trading operations followed in the special economic zone is also different for example, any commodity purchased from the Special economic zone is considered as an import in the Domestic Tariff Area (DTA) and vice versa.
The special economic zone are created for a several purposes such as:
The Manikanchan SEZ project serves in order to boost the gem and jewelry sector in West Bengal and offers various advantages such as:
However, the percentage of tax exemption after the completion of total 7 years will be decided as per the section 10 A of the Income Tax Act. The special economic zones have the facility to subcontract the entire manufacturing procedure or apart thereof with the aid of a a number of zones such as export oriented units, electronic hardware technology park scheme, software technology park scheme, etc. However, for this purpose they need the prior approval of the Custom authorities. The zones are facilitated with the opportunity to recover the amount of central sales tax payment made through the purchase of commodities.
They are allowed to shift their job work to foreign countries and are also allowed to carry on export trade from that country. The special economic zones are exempted from the payment of customs duty on the goods received from foreign countries. The category of such exemption is applicable to spares parts, capital goods and so on. The special economic zones are in a position to take the help of off-shore banking units for International finance and at international rates. There is special provision for capital goods that have been imported from outside will be liquidated gradually for a time span of 10 years. The main advantage of the special economic zones is that they are permitted to market the gems and jewelries in exhibitions and can establish outlets in foreign countries to market the jewelries and can also approach duty free shops for marketing purpose.
The idea of the establishment of special economic zones was initiated by the central government of India while reexamining the export-import policy of 1997-2000.
The special economic zone are created for a several purposes such as:
- Process Assembling
- Manufacture of Silver Jewelry
- Repair Works
- Rendering of Services
- Manufacture of Platinum Jewelry
- Remaking Work
- Trading Activities
- Recondition Processes
- Manufacture of Gold Jewelry
The Manikanchan SEZ project serves in order to boost the gem and jewelry sector in West Bengal and offers various advantages such as:
| Income Tax Exemption | Period |
| 100 % income tax exemption | Initial 5 years |
| 50 % | Next 2 years |
However, the percentage of tax exemption after the completion of total 7 years will be decided as per the section 10 A of the Income Tax Act. The special economic zones have the facility to subcontract the entire manufacturing procedure or apart thereof with the aid of a a number of zones such as export oriented units, electronic hardware technology park scheme, software technology park scheme, etc. However, for this purpose they need the prior approval of the Custom authorities. The zones are facilitated with the opportunity to recover the amount of central sales tax payment made through the purchase of commodities.
They are allowed to shift their job work to foreign countries and are also allowed to carry on export trade from that country. The special economic zones are exempted from the payment of customs duty on the goods received from foreign countries. The category of such exemption is applicable to spares parts, capital goods and so on. The special economic zones are in a position to take the help of off-shore banking units for International finance and at international rates. There is special provision for capital goods that have been imported from outside will be liquidated gradually for a time span of 10 years. The main advantage of the special economic zones is that they are permitted to market the gems and jewelries in exhibitions and can establish outlets in foreign countries to market the jewelries and can also approach duty free shops for marketing purpose.
