Difference Between SEZ and EPZ

Probably the only difference between EPZ and SEZ is that in an EPZ, customs permission is required for taking the raw materials from one place to another, it is not needed in Special Economic Zones. In China, SEZ are treated as public utilities and are spared bouts of labour unrest.

1. What is SEZ and EOU?
2. What is EPZ in India?
3. What is SEZ shipment?
4. What is EPZ stand for?
5. Is GST applicable for SEZ zone?
6. What is STP in export?
7. What are benefits of SEZ?
8. Which is the first SEZ in India?
9. Which state has highest number of SEZ in India?
10. Who can set up an SEZ?
11. What is SEZ bill of entry?
12. When a firm delegates the task of selling goods abroad to an outside agency it is called?

What is SEZ and EOU?

Export Oriented Units (EOU) Special Economic Zone (SEZ) Establishment. Import Procedures. The unit can import capital goods, raw materials, consumables, packing material, spares etc.

What is EPZ in India?

Export Processing Zones in India was set up by the government of India with the aim to initiate infrastructural development and tax holidays in various industrial sectors in the country. EPZ has incessantly accelerated the economic growth of the country by ensuring a flourishing export production.

What is SEZ shipment?

Under the SEZ Scheme, the units are allowed to make or procure locally without payment of duty all types of goods including capital goods, whether new or second-hand, required by them for export production or in connection therewith. ...

What is EPZ stand for?

An Export Processing Zone (EPZ) is a Customs area where one is allowed to import plant, machinery, equipment and material for the manufacture of export goods under security, without payment of duty.

Is GST applicable for SEZ zone?

Any supply of goods or services or both to a Special Economic Zone developer/unit will be considered to be a zero-rated supply. That means these supplies attract Zero tax rate under GST. In other words, supplies into SEZ are exempt from GST and are considered as exports.

What is STP in export?

STP/EHTP Scheme. Software Technology Parks (STPs) are export oriented projects catering to the needs of software development for exports. STPs can be set up by the Central Government, State Government, Public or Private Sector Undertakings or any combination thereof.

What are benefits of SEZ?

Facilities and Incentives

• Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units.
• 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years. (

Which is the first SEZ in India?

Welcome to Special Economic Zone (SEZ).

India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965.

Which state has highest number of SEZ in India?

In Telangana, which has 57 — the highest number of notified SEZs — only 29 are operational. Karnataka and Maharashtra have 51 SEZs each of which 31 and 30 respectively are operational. Kerala, West Bengal, Gujarat and Madhya Pradesh are the States where more than 70 per cent SEZs are functioning.

Who can set up an SEZ?

Under the Special Economic Zone Act, 2005 ("the Act") SEZ can be set up either jointly or severally by the Central Government, State Government, or any person (including a private or public limited company, partnership or proprietorship) for the following purposes: Manufacture of goods; or.

What is SEZ bill of entry?

Introduction. Units importing goods into the SEZ are required to submit Bill of Entry (BOE) with the Customs Specified Officer at the Office of the Development Commissioner. The unit can prepare and submit BOE to the DC Customs Office through SEZ Online system.

When a firm delegates the task of selling goods abroad to an outside agency it is called?

Exports are goods and services that are produced in one country and sold to buyers in another. Exports, along with imports, make up international trade.