homeinformation technology NewsCommerce Ministry pitches for extension of sunset clause for IT sector SEZs
Commerce Ministry pitches for extension of sunset clause for IT sector SEZs
Commerce Ministry is pitching for extension of income tax benefits for the information technology based special economic zones beyond the cut-off date of March 31, 2020.
Commerce Ministry is pitching for extension of income tax benefits for the information technology based special economic zones beyond the cut-off date of March 31, 2020.
As per current rules, income tax exemption for the IT SEZs will only be given to zones that become functional before the cut-off date.
According to sources, Commerce Ministry is in talks with Central Board of Direct Taxes (CBDT) on the extension of direct tax benefits for IT SEZs, which was recommended by a panel led by Baba Kalyani.
That's not all, the Commerce Ministry is also batting for broad-banding of service sector SEZs which is another recommendation of the Baba Kalyani panel.
Broad-banding will allow more sectors to operate from service sector SEZs. Current rules allow only a limited broad-banding in such zones.
As per the Baba Kalyani panel, service sector SEZs should be broad-banded into two categories. The first category recommended includes IT, legal, fin services, healthcare, media and education sectors while the second category includes MRO, logistics, recycling.
First Published: Sept 26, 2019 7:33 PM IST
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