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Foreign trade is booming on account of globalization and it is an area where we need to be updated with the current policy trends. Special economic zones have a tax exemption which is an advantage in terms of saving taxes. We provide services related to Foreign trade policies and Special economic zones. Some of our services include,

  • Advise and assist in availing incentives on the export of goods or services from India under various schemes of FTP.
  • Assistance in preparation of application in the prescribed form for obtaining unit approval
  • Assistance in drafting and submission of responses and clarifications sought by the Unit Approval Committee with respect to the unit approval
  • Assistance in obtaining a letter of approval from the Unit Approval Committee on a best effort basis
  • Assistance in obtaining a bond-cum-legal undertaking for bonding of premises
  • Advisory assistance with respect to exit process and compliances

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1. What is foreign Trade policy?
Foreign trade policies are government actions, especially tariffs, import quotas, and export subsidies, designed to increase net exports by promoting exports or restricting imports. By increasing net exports (and creating a more “favourable” balance of trade), the domestic production of a nation increases, which then increases domestic income and employment.
2. What is SEZ? And what is SEZ regulation?
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.
3. What are the major incentives and facilities available to SEZ developers?
The major incentives and facilities available to SEZ developers are as under:

• Exemption from customs/excise duties for the development of SEZs for authorized operations approved by the BOA.
• Income Tax exemption on income derived from the business of development of the SEZ in a block of 10 years in 15 years under Section 80-IAB of the Income Tax Act. (Sunset Clause for Developers has become effective from 01.04.2017)
• Exemption from Central Sales Tax (CST).
• Exemption from Service Tax (Section 7, 26 and Second Schedule of the SEZ Act).
• Supplies to SEZ are zero-rated under the IGST Act, 2017.

4. What is Foreign Trade Policy 2015-2020?
The Foreign Trade Policy 2015-20 was established to make India an important player in global trade by the year 2020. It provides an important substructure to promote the export of goods and services, generate more employment scopes, and increase the value addition in the country. Through the Foreign Trade Policy 2015-20, the government is focusing to provide support to both the services and the manufacturing sectors, facilitating ‘ease of doing business’.

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