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AGAINST SE-1
CHETAN PARMAR YOGENDAR SINGH PRADIPNA LODH RAJKUMAR SINGH YOGESH SHARMA CAMELIA DAS
INTRODUCTION
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FACTS
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SALARY
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Cont.
6.Environment in India
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SACHIN PILOT
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AGATHA SANGMA
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JYOTIRADITYA SCINDIA
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SMT. KANIMOZHI
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SEZ
A special economic zones is a geographical region that has economic; laws more liberal than a countries typical economic laws. First Export Processing Zone (EPZ) was set up in 1965 at Kandla, in Gujarat. Doors of the Indian economy were opened during the 1980s, by Indira Gandhi and later by Rajiv Gandhi. From 1984 to 1989, the policy was to enable the middle class to consume more so as to raise the internal demand. This resulted in the raise of imports and the growth of Foreign Direct Investment.
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Bharathiya Janatha Party (BJP) government decided to re-launch the Free Trade Zone Policy in 2000. It changed the name of Export Processing Zone (EPZ) to Special Economic Zone (SEZ).
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No licenses required for import Manufacturing or service activities allowed. SEZ units to be positive net foreign exchange earner within three years. Domestic sales subject to full customs duty and import policy in force. Full freedom for sub contracting. No routine examination by customs authorities of export/import cargo.
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The United Progressive Alliance (UPA) government currently in power enacted Special Economic Zone Act, 2005 which was passed in June 2005 and came into force on 10th February 2006 with the notification of the SEZ Rule in 2006.
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FUNCTIONS OF SEZ
The Act offers a special fiscal package to the units set up in the SEZs. This package includes, exemption from customs duties, central excise duties, service tax, central sales taxes, and securities transaction tax to both the developer and the units set-up, tax holiday for 15 years like 100 percent tax exemption for five years ,50 percent for next five years, and 50 percent for the ploughed back export profits for the next five years.100percent income tax exemption for 10 years in a block of 15 years for SEZ developers.
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