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« A Real Estate Fund by IL&FS, Milestone | Home | Developments of Fast Growing Faridabad at a Glance »

Commerce Ministry Frames New Guidelines for SEZs

The Commerce & Industry Ministry has released a new set of guidelines for the state government to follow a single window clearance system for special economic zone (SEZ) units and builders.

The SEZ Act and rules released earlier promised a mechanism of single window clearance for developers and units.  However, it could not be executed at that time as state governments were not able to get their act together.

According to the guidelines, units and developers will be exempted from paying VAT and stamp duty in the processing area. The decision has been taken at a meet between representatives of commerce department and state governments.

All state governments have agreed to new set of guidelines for SEZ drafted by the commerce ministry. The single window clearance will be established with the help of two different sets of mechanism – one each for units and builders.

For SEZ developers, the Commerce Ministry is considering forming an empowered committee including the chief secretary and officials from different departments that require to be consulted for approving the building plan.

And for units, there will be a group including the development commissioner of the zone, representatives of state government and the Centre. It will see to the necessary clearances of building plans, export-import code, unit sanctions and excise exemptions.

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