State one advantage of sez(special economic zones)
Answers
Answer:
The main Advantages of SEZ Units in India can be summarized as promotion of industrialization and economic growth through sustainable development. The main policy statement of the first Special Economic Zone policy statement states that these SEZ units of India shall be offered tax rebates, fiscal incentives and lands at subsidized rates and these are the primary Advantages of SEZ Units in India.
Explanation:
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Special Economic Zone or SEZ is a special or separate regions or areas designated by the central government of India to promote industrial and commercial growth and development in the country.It is exclusively to develop adequate infrastructure and facilities to establish various foreign and domestic large scale industrial ventures.
Explanation:
One of the important objectives or advantages of SEZ is that there are numerous financial and economic incentives provided by the central government to businesses or industrial units to invest for various commercial and business purposes in the SEZ.There are several domestic and international tax rebates such as exemption from import duty on any import of material or resources that would be used for commercial purposes or industrial development in the SEZ,an overall tax holiday of 10 years for the first 20 years block and elimination of any domestic taxation on domestic supply of intermediate goods or productive resources required for industrial or commercial purposes in the SEZ such as VAT and any other domestic excise tax.These tax incentives or reliefs granted by the government is primarily intended to attract potential businesses and industrial ventures both in domestic economy as well as in the international arena to begin various business and commercial projects in the SEZ that will eventually contribute to the long term economic growth and development of the country.