Special Economic Zone (SEZ) is a specifically outlined duty-free reserve and shall be considered to be foreign territory for trade processes and duties and tariffs. SEZ is a clearly defined enclave with specified Dispensation and Non-Processing Areas. In SEZs there are no specific limitations or physical controls; units are within an area which is stated as Port for imports and exports and are outside the jurisdiction of territorial customs set up. A unit in an SEZ can be set up for manufacture of goods or with an aim of rendering of services comprising trading.
FOLLOWING ESSENTIALS ARE REQUIRED FOR SEZ ENTRY AND EXIT:-
SEZ Project Preparatory
- Obtaining SEZ formal / In Principal Approvals.
- Follow up for SEZ notification.
- Obtain state approval & central approval.
- Obtain co-developer permission.
- Submit authorized operations for processing.
- Submit authorized operations for the non-processing area.
- Assist in the demarcation of the SEZ area.
- Assist in awarding the contract as regards the taxation matters.
- Prepare and submit a bond cum legal undertaking.
Customs Clearance & Freight Forwarding
- End to End resolutions for managing and transportation of imported cargo.
- Inspection of documents like Invoice, Purchase Order, etc.
- Preparing bill of entry for home consumption with an authorized officer of customs.
- Passing of bill of entry, clearance of material from the port of landing.
- Assessment of material by the authorized officer of customs.
Endorsement of Re Warehousing on the Bill of entry, submission of Bill of entry to the port of clearance, and cancellation of the bond.
- Exemption from Periodical Returns.
- Filing of trimestral returns by SEZ developer.
- Six monthly material consumption licenses from chartered engineers who have not given certificate goods & services.
- APR duly licensed by Charted Accountant.
Vendor & Contractor Training
- Aid and Advisory to vendors for the preparation of contractor duty-free Materials.
- Process for annulment of the bond executed with the central excise department.
- To formulate forms and removal of goods under the process.
- Maintenance of GST records & bills.
- SEZ entry & exit procedure.
- Registration under Shop & establishment.
- Registration with PF, ESIC, PT, etc.
- Registration under sales tax (Central & State).
- Registration under service tax.
- Registration under factories act.
- Registration of central excise & custom.
- Registration with the pollution control board.
- Arrangement of a digital signature.
- Registration with export promotion council.
- Arrangement / Amendment of Import Export Code.
How ASC Helps?
- Assistance in obtaining Approval of SEZ by Preparation of application, project report, etc.
- Assistance in obtaining Approval of letter of permission/renewal of letter of permission
- Assistance in obtaining Approval of Import Export Code Number and claiming Duty Drawback
- Filing periodical returns with SEZ/Central Excise & Service Tax/ Commercial Tax Authorities etc.
- Drafting of contracts/transactions to optimize indirect tax incidence
- Formulating indirect tax-efficient business models
- Advice on the arrangement, evaluation, the applicability of taxes on transactions, and permissibility of tax benefits/exemptions.
- Identification of innovative tax planning opportunities