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EOU/SEZ Sector accelerates pace of economic growth
11
Jan '08
Shri Kamal Nath, Minister for Commerce and Industry, has stated that the EOU/SEZ Sector is playing a very important role in encouraging manufacturing activity, providing substantial employment opportunities, thereby accelerating the pace of economic growth.

The units set up under these schemes are already providing direct employment to over 6.5 lakh people. He was speaking at the Export Awards function, organised by the Export Promotion Council for EOUs and SEZ Units (EPCES), here last evening.

Shri R. Gopalan, Additional Secretary, Department of Commerce; Shri R.S. Gujral, Director General of Foreign Trade (DGFT); Shri T. Vasu, Chairman, EPCES and Shri L.B. Singhal, Director General of EPCES, apart from Development Commissioners of various EPZs and SEZs were present on the occasion.

As regards Sunset Clause, the Minister said: “I am aware of the need of the removal of the Sunset Clause under Section 10B of the Income Tax Act, so that EOUs continue to avail the exemption from income tax, especially at this juncture when all the exporters have been hit badly on account of rupee appreciation. I have taken up the issue with Prime Minister as well as Finance Minister”.

The Minister observed that SEZ units and developers are facing certain problems in the context of Service Tax, benefit of DEPB/Duty Drawback on supplies to SEZ Developers, interpretation of Section 10AA of the Income Tax Act etc.

“We are working on these issues and hopefully will be able to resolve these suitably. There are certain issues related to State Governments as well like implementation of Single Window Mechanism, Exemption from Stamp Duty etc.

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