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Budget 2022: SEZ Act Will Be Repealed And Replaced By New legislation
In Budget 2021-23, Finance Minister Nirmala Sitharaman stated that the SEZ (Special Economic Zone) Act would be replaced with new laws that will allow states to collaborate in becoming development centers. In an attempt to promote exports, the government will replace the current Act with new legislation that would encompass industrial enclaves. These zones are classified as foreign entities under customs legislation.
The new legislation will allow states to become partners in the 'Development of Enterprise and Service Hubs,' and will cover all big existing and future industrial enclaves to best utilize the available infrastructure and boost export competitiveness, Sitharaman stated in her Budget address.
The current SEZ Act was created in 2006 with the goal of creating export centers and increasing manufacturing in the country. However, these zones began to lose their luster following the enforcement of a minimum alternative tax and the implementation of a sunset provision for the loss of tax breaks.
