Local News, National News

Department of Commerce (SEZ), Ministry of Commerce and Industry, Government of India gives in-principle approval for setting up of SEZ at Sabroom, South Tripura

Department of Commerce (SEZ), Ministry of Commerce and Industry, Government of India gives in-principle approval for setting up of SEZ at Sabroom, South Tripura

1. A proposal for setting up of the Agro Based (Broad Banded) Special Economic Zone (SEZ) at Paschim Jalefa, Sabroom was submitted to the Development Commissioner, Falta SEZ in June, 2019

2. The Developer of the SEZ was decided to be Tripura Industrial Development Corporation (TIDC) Ltd. The proposal included the following :

(i) Estimated Investments: Rs. 1550 crores,

(ii) Estimated Employment : 12000

(iii) Estimated Project cost: Rs. 147 crores apx.

(iv) Industries proposed to be setup-

a. Rubber based Industries – Tyres, Threads etc.

b. Textile and Apparel Industries

c. Bamboo Industries

d. Agri-Food Processing Industries

3. As per SEZ rules for sector specific SEZ, minimum land requirement for the North East States including Tripura is 25 Hectares. Presently, the land at Paschim Jalefa is having an area of 16.35 hectares and initiative has been taken for acquirement of additional land of 10.99 hectares adjacent and contiguous to the existing land.

4. In the 92nd meeting of the Board of Approval (BoA) held in the Ministry of Commerce, Government of India on 04-10-2019 at Udyog Bhawan, New Delhi, the submitted proposal was taken up and the Board has given in-principle approval to the proposal for setting up of SEZ at Sabroom, South Tripura.

5. Thus, setting up of the SEZ at Sabroom would open new avenues and attract private sector investment considering proximity of the Chittagong Port which is located relatively closer to the State and construction of the bridge across Feni River in South Tripura which is underway.

6. The incentives and facilities offered to the units to be set up in the SEZ would include:

(i) Duty free import/domestic procurement of goods for development, operation and maintenance of SEZ units

(ii) 100% Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years. (Sunset Clause for Units will become effective from 01.04.2020)

(iii) Exemptions from GST and supplies to SEZs are zero rated under IGST Act, 2017.

(iv) Other levies as imposed by the respective State Governments.

(v) Single window clearance for Central and State level approvals.

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