More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
Celebrities make a splash at the launch of Splash Autumn/Winter collection launch.
Realty sector is facing a huge slowdown for last 3-4 years, leading to a significant delays in possession of flats to customers.
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