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HomeBusinessGovt foregoes Rs 28K cr revenue to boost exports from SEZs

Govt foregoes Rs 28K cr revenue to boost exports from SEZs

The government has foregone Rs 27,956 crore revenue during the last three financial years to boost exports from special economic zones (SEZs), Parliament was informed Wednesday.

The tax foregone – customs duty and central excise duty including rebate – under the SEZ scheme was Rs 10,440 crore in 2013-14.

It was Rs 9,363 crore in 2012-13 and Rs 8,153 crore in 2011-12, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

As per the SEZ Act and the rules, SEZ units and developers are eligible for customs, central excise and service tax exemption on procurement of raw materials for manufacture of finished goods meant for exports as also duty free procurement of capital goods.

The minister also informed that the government has provided incentives under — Vishesh Krishi and Gram Udyog Yojna, Focus Product Scheme, Focus Market Scheme and Served from India Scheme — to boost overall exports.

Similarly, Rs 21,799 crore were disbursed in the last financial year under the duty drawback scheme. It was Rs 17,422 crore and Rs 12,331 crore in 2012-13 and 2011-12 respectively.

“The benefits provided under various schemes have facilitated the exports from India and made them more competitive,” Sitharaman said.

In 2013-14, India’s exports stood at USD 314.4 billion as compared to USD 300.4 billion in 2012-13 and USD 306 billion in 2011-12.

She also said that a monitoring system is in place to ensure proper utilisation of the said rebate and incentives.

Replying to a separate question on SEZ, the minister said that as on February 28, 37 zones have been de-notified by the commerce ministry.

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