DIRECT TAXES
| Exports from SEZs up by 67 per cent in April-June 2010-11 Mon, 19 Jul 2010 14:32:00 GMT |
| The Economic Times Exports from SEZs up by 67 per cent in April-June 2010-11 NEW DELHI: Exports from special economic zones (SEZs) grew by 67 per cent year-on-year at Rs 58,756.68 crore in the first quarter of this financial year. During April-June 2009-10, exports from SEZs stood at Rs 35,013 crore, according to Export Promotion Council for EOUs and SEZs (EPCES). Exports from SEZs grew by over 122 per cent to Rs 2.20 lakh crore in 2009-10, compared to the previous fiscal. IT, IT hardware, petroleum, engineering, leather and garments are the leading exports from SEZs. According to a government official, growth of exports is expected to rationalise to about 20 per cent in 2010-11. Of the total 578 approved SEZs, 111 are operational. As of now, the total investment received by these zones stands Rs 1.66 lakh crore. On allegations that investments in SEZs are not new and have been diverted from the domestic area, EPCES Director General L B Singal said that enough safeguards have been incorporated in the SEZ Act to ensure that the investments are fresh. "...the entire investment of over Rs 1,66,000 crore in the SEZ is fresh investment," Singhal said. SEZ developers and units have expressed concern over the new draft direct tax code (DTC), which proposes to do away with Income Tax benefits given to new SEZ units. Under the SEZ Act, units in these zones enjoy 100 per cent tax exemption on their income for the first five years, and 50 per cent in the following five years. |
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