Soon the Special Economic Zones Rules 2006, to comply with goods and services tax compliance after the much conclusive 28th GST council meeting.
The government has recently taken the meetings of some highly influential group of people to discuss a roadmap for the SEZ future. It is also to be looked for a fortified term & policy process.
According to the statement by additional secretary of the Ministry of Commerce at Assocham conference, “With due consultation process with Department of Revenue… this fairly elaborate amendments of the rules is likely to come out now by the end of this month, it is almost at the final stage and we shall be issuing it”.
Department of Commerce is always heading towards the simplification of GST return filing and the projects are set to commence on the guidelines based on administrative and financial terms as rated by the authorities on every legal work.
The said report is said to come in 2 to 3 months while eventually become implemented in next 3 months. Under the previous tax regime, there were rules that were overly heavy for the business units and now will be fixed under the GST.
It must be noted that the foreign trade policies have been aligned according to the GST and still there are some issues stuck with the SEZ trade framework which will be sorted out soon.
Recommended: Supplies to SEZ Under Goods and Services Tax: Rules and Provisions
