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Posted on Nov 24, 09:47AM | IBNS
The Minister of State for Finance, S S Palanimanickam in a written reply to the Lok Sabha Friday said that presently there is no proposal under consideration by the Ministry of Finance to declare certain areas as tax free zones.
"There is no concept called Tax Free Zones as such in operation," Palanimanickam said.
"However, there are schemes like Special Economic Zones (SEZs) and Export Oriented Units (EOUs) which provide tax exemptions administered by the Department of Commerce."
He added, "In addition to the above, a package of incentives for the Special Category States of Jammu and Kashmir, Himachal Pradesh, Uttarakhand and North Eastern States (such as Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura) are provided by the Department of Industrial Policy and Promotion under its Industrial Policy."
A package of incentives provided to above states also include various tax concessions as per notifications issued by the Department of Revenue, the Minister asserted.