Punjab is the 6th State to enact the SEZ Act which has been initiated to fulfill the growing demands of infrastructure investors. Under the Act, the developers would be exempt from payment of sales tax, VAT, cess and other state taxes on the purchase of land for SEZ and on transfer or lease of immovable property within an SEZ. Besides this, there will be no electricity duty levied on generation, transmission distribution and consumption of electricity within an SEZ.
The Act empowers SEZ developers to demarcate sites for industrial, commercial, residential and other purposes in SEZ and also fix rates for transfer of land/building within the SEZ to the units. Some of the salient features of the SEZ Act, 2009 are:
- Exemption from payment of any tax duty, fee, cess or any other levy.
- Exemption from stamp duty, registration fee and social security cess on purchase of land for SEZ and on first transfer or lease of immovable property within SEZ in Punjab Act.
- Permission for generation of electricity in or outside SEZ for consumption of units in SEZ.
- No electricity duty on generation, transmission and distribution and consumption of electricity within SEZ.
- All SEZ units will be given a public utility status.
Click here to download complete text of the Act. |
