The Ministry of Commerce will hold a stakeholder workshop on Special Economic Zones (SEZ) on September 5, 2016. The drat GST Law raises ambiguity overs exemptions to SEZ and fate of SEZ on other accounts.
The meeting shall be attended by Finance Ministry officials and SEZ experts. The trigger point for this SEZ meet is falling interest in SEZs.
Significantly, the meeting will have as participants, representatives from the Dubai-based World Free Zones Organization (World FZO) who will give their views on the future of SEZs in India under the GST regime as well as on global best practices relating to SEZs, official sources said.
P.C. Nambiar, Chairman of the Export Promotion Council for EOUs and SEZs (EPCES) and the Secretary of the World FZO, said, “The government needs to amend the SEZ Rules to ensure that idle capacity in SEZs is converted to productive capacity. Such a move will strengthen the ‘Make in India’ initiative.”
There are about 329 notified SEZs of which 204 are operational. As on March 31, 2016, SEZs had attracted almost Rs.3.8 lakh crore worth of investments.