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Centre to revise SEZ Act, limiting tax sops and enhancing integration

The Centre is unlikely to offer new direct tax incentives for units operating in special economic zones (SEZs) and may instead allow the grandfathering of previous exemptions that such units were entitled to, according to proposed amendments to the SEZ Act, 2005, people aware of the matter said.

The amendments, proposed by the commerce department, will soon be considered by the Cabinet for approval.

This represents a departure from the department s earlier plan to introduce these changes through the Development Enterprises and Services Hubs (DESH) Bill, 2023, which faced strong criticism from the ministry of finance. ....

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Government plans overhaul of SEZ Act, proposes reduction in tax incentives, and increased integration

The government seems poised to refrain from introducing fresh direct tax incentives for businesses in special economic zones (SEZs). ....

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Governments Not Deciding Issues, Leaving Them For Courts To Decide: Justice Manmohan On Pendency Of Cases

Speaking on the issue of pendency of cases, Delhi High Court judge, Justice Manmohan, on Wednesday said that the Union and State Governments are not deciding the issues and are leaving them to the. ....

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gst: Growth in October GST mop-up due to economic activity: CBIC chief Sanjay Kumar Agarwal

In August 2023, the GST Council made it clear that all online games involving bets, regardless of skill or chance, would be subject to a 28% GST on the full value of the bets placed. It came into effect from October 1. In recent weeks, some online companies have reportedly been served with GST notices involving tax incidence of about Rs 1 lakh crore. ....

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GST revenue up due to economic activity, not notices: CBIC Chairman

He also said the department will soon start sending advisories to businesses who are non-compliant in issuing e-invoices to their B2B customers. ....

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