Agartala: The ministry of industry and commerce has decided to upgrade the Special Economic Zone (SEZ) into a multi-sector Special Economic Zone which would be set up at Paschim Jalefa in Sabroom sub-division of South Tripura district.
A press note from the directorate of industries and commerce said that a proposal was submitted by Tripura Industrial Development Corporation Ltd to set up a Special Economic Zone (SEZ) at Paschim Jalefa, Sabroom, South Tripura District, in the state of Tripura,
The Centre had granted letter of approval for development, operation and maintenance of the sector-specific Special Economic Zone on December 9 last year.
“The Central government has accordingly notified the 16.35 hectares area to set up a Sector Specific Special Economic Zone for Agro Based Food Processing at Paschim Jalefa, Sabroom, South Tripura District vide notification dated December 16, 2019. Now, the department of commerce, Ministry of Commerce and Industry, Government of India vide notification dated 17th December 2019 has notified all existing notified Special Economic Zone to be deemed to be a multi-sector Special Economic Zone”, the press note of directorate of industries and commerce said.
It also said that the SEZ notified to be set up at Paschim Jalefa, Sabroom, South Tripura district of Tripura would be a multi-sector SEZ for more than one sector where units may be set up for the manufacture of goods falling in two or more sectors or rendering of services falling in two or more sectors or any combination thereof including trading and warehousing
“Thus, setting up of the SEZ at Sabroom would open new avenues and attract private sector investment across various sectors considering the proximity of the Chittagong Port of Bangladesh which is located relatively closer to the State and construction of the bridge across Feni River in South Tripura which is underway,” the press note said.
It also mentioned the incentives and facilities offered to the units to be set up in the SEZ would include duty-free import/domestic procurement of goods for development, operation and maintenance of SEZ units, 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). Exemptions from GST and supplies to SEZs are zero-rated under IGST Act, 2017. Other levies as imposed by the respective State Governments and Single window clearance for Central and State level approval.