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of <h1>Special Economic Zones Boost Exports with Tax Benefits and Streamlined Approvals Under SEZ Act, 2005 and SEZ Rules, 2006.</h1> The Special Economic Zones (SEZ) scheme, introduced in April 2000, aims to create a competitive environment for exports by offering tax-free goods and services, streamlined approvals, and investment incentives. Governed by the SEZ Act, 2005, and SEZ Rules, 2006, SEZs are managed by the Department of Commerce. They can be set up by the government or private entities and are deemed outside India's customs territory. The Board of Approval and Unit Approval Committees oversee SEZ operations, including unit approvals and compliance. SEZ units must achieve positive Net Foreign Exchange Earnings and can import or procure goods duty-free. They may export goods, subcontract production, and sell in the Domestic Tariff Area under specific conditions. Units can exit SEZs with approval, subject to duty payments and penalties if NFE is not achieved. Administrative guidelines ensure compliance with legal provisions and revenue considerations.
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