The DESH Bill will replace the Special Economic Zones (SEZ) Act.
As per official sources, in its formal comments on the Bill, the ministry has also expressed its reservation on a proposal to integrate the hubs with the domestic market, unlike SEZS that have clear export obligations.
The finance ministry's stance may delay the introduction of the DESH Bill in Parliament, although the commerce ministry is making all efforts to finalize the draft and introduce it in the winter session, usually convened in November-December.
In the past, the finance ministry had, in internal deliberations, raised similar concerns over granting tax incentives to SEZs, in sync with its bid to prevent fiscal erosion and its vision to herald an exemption-free and simplified tax regime. It had also resisted the idea of allowing SEZ units to sell goods in the domestic market at zero or nominal tax, instead of the usual customs duty.
This story is from the October 05, 2022 edition of Financial Express Mumbai.
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This story is from the October 05, 2022 edition of Financial Express Mumbai.
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