SEZ meaning

A Special Economic Zone (SEZ) is a specially delineated geographical enclave, which is deemed to be a foreign territory for the purpose of certain economic laws.

The idea is to help build world class infrastructure and offer a package of incentives in notified areas where manufacturers, service providers and traders can operate in a hassle free environment and boost exports.

Many other allied laws relating to excise, customs, service tax, central sales tax, value added tax, income tax etc. have also been amended suitably to give necessary inducements to SEZ developers who build and maintain necessary infrastructure and SEZ units who operate in the processing areas within the SEZ.