SEZ board to meet after five months on February 20

NEW DELHI: After a gap of about five months, the Board of Approval (BoA) headed by Commerce Secretary Rajeev Kher will take up different proposals related to special economic zones in the country on February 20.

The last meeting was held on September 18 last year. "The 1st Meeting (2015 Series) of the Board of Approval for EoUs and the 64th meeting of the BoA for SEZs... have been scheduled for February 20," the Commerce Ministry said.

The Board, which is a single window clearance for proposals related with tax-free enclaves, gives permissions to developers and units of these zones related with different activities such as setting up of new SEZs and cancellations.

The Board is a 19-member inter-ministerial body. In its last meeting, it has given extra time to about 20 SEZs, including Electronics Corporation of Tamil Nadu, GP Realtors, Navi Mumbai SEZ and Pidilite Industries to execute their proposed projects in different parts of the country.

It also gave its approval to two developers, including Wipro Limited, to set up new tax free zones.

Exports from these zones increased from Rs 22,840 crore in 2005-06 to Rs 4.94 lakh crore in 2013-14. Currently, 196 zones are operational.

Meanwhile, industry wants Finance Minister Arun Jaitley to take a relook at the taxation issues of SEZs.

It has urged for removal or reduction of minimum alternate tax (MAT) and dividend distribution tax (DDT) on the SEZs.