Over Rs 77.6 cr tax revenue foregone to SEZs in 3 years

NEW DELHI: Over Rs 77,600 crore revenue has been foregone by government in tax incentives to special economic zones (SEZs) in the last three financial years, Parliament was informed today.

The amount foregone is estimated to be Rs 26,533.87 crore in 2014-15; Rs 27,855.10 crore in 2013-14; and Rs 23,305.40 crore in 2012-13, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

Thus, a total of Rs 77,694.37 crore in revenue was "foregone on account of concessions availed by the SEZ Developers and Units under the provisions of sections 10AA and 80-LA of the Income Tax Act, 1961 as well as customs duty and excise duty...during the last three years," she said.

Formal approval has been accorded to 416 proposals out of which 330 SEZs have been notified. In all, 202 zones are exporting.

As many as 36 such zones are operational in Tamil Nadu followed by Karnataka and Telengana (26) and Maharashtra (25).