Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: TDS :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES
 
 
News Headlines »
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules

Revenue dept to set up cell to monitor SEZs
December, 28th 2006

Fearing a Rs 1-lakh crore revenue loss on account of sops given to special economic zones (SEZs) in the next five years, the revenue department is setting up a special cell to monitor them.

The cell, which will have officers from both the Central Board of Direct Taxes and the Central Board of Excise and Customs, will vet the proposals before they are taken up for approval by the Board of Approval (BoA) for SEZs. The cell would be represented at the BoA meeting. It would also deal with all other matters coming up during the setting up of the SEZs including procedures, rules and regulations.

At present, all proposals and related matters go separately to CBEC and CBDT for examination. The BoA also has representatives from both the boards. Sources said since the core concern of both the boards is to save revenue, a need was felt to cut down on multiplicity of approach and evolve a central body to deal with all issues related to SEZs.

The cell would also be the single-point of reference for field formations for clarification on all issues including direct and indirect taxes. Sources said certain procedural changes may be required on the field when SEZs go full steam. The cell would be equipped to handle the situation.

It would be housed under the Directorate General of Export Promotion. The government has received over 650 SEZ proposals so far. Of these, 237 have been granted approval and are spread over 17 states and 2 union territories. A total of 51 SEZs have been notified so far. A large number of these SEZs are for textiles and apparels, leather footwear, auto components, engineering and other sector specific SEZs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions