Centre forgoes Rs 56,418 cr tax from SEZs in April-December

New Delhi, April 10 (IANS) The government forwent Rs 56,418 crore in taxes pertaining to special economic zones (SEZs) during the first nine months (April-December) of 2016-17, Parliament was informed on Monday.

Commerce Minister Nirmala Sitharaman told the Lok Sabha in a written reply that SEZ exports stood at Rs 3.58 lakh crore during the April-December period of the last fiscal ended March 31.

Such exports had amounted to over Rs 4.67 lakh crore during the entire 2015-16 fiscal.

For the full financial year 2015-16, these zones had received duty exemptions worth Rs 52,216 crore, she added.

SEZs enjoy various tax benefits such as 100 per cent income tax exemption on export income for the first five years and 50 per cent for the next five years.

The minister also said that as on date, 109 SEZs developers had sought cancellation of their projects in some states as they had found the projects to be economically unviable in the changed economic situation.

As many as 28 SEZs were cancelled in Maharashtra, followed by 14 in Telangana and 10 in Tamil Nadu, she said.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)