The department of commerce may de-recognise the 247-hectare engineering special economic zone at Hazira, promoted by Essar Hazira SEZ Ltd.
The changes would be immediately effective in countries like Columbia, South Korea, Peru and Panama, where FTAs are in the final stages of approval.
The trade policy specifies that "for all goods and services exported from India, services received, rendered abroad, wherever possible, shall be exempted from service tax".
The Department of Industrial Policy and Promotion in the commerce ministry has asked state governments and central ministries to re-examine and streamline existing procedures, so as to provide a hassle-free environment for business.
The commerce ministry has projected Rs 21,631.94 crore (Rs 216.31 billion) worth of exports from the 63 special economic zones, which have been notified since February 2006. Till date, Rs 13,435 crore (Rs 134.35 billion) has been invested in them.
But commerce ministry works on rules for exemption to contractors.
Cheer up, the coming Union Budget might just make your imported tipple more affordable - on a par with local booze.
The rehabilitation policy, which is being currently formulated by the Ministry of Rural Development, is unlikely to affect the special economic zones already approved by the government.
Commerce Minister Kamal Nath is pushing for a major policy change, one that would result in foreign travellers to India being refunded the value-added tax they pay on purchases made here.
Defending its policy of liberalising foreign direct investment in retail, the government confirmed that it would go ahead with its plan to expand its ambit.
The Centre has asked the Maharashtra government to reduce the size of the Reliance Industries-promoted Mahamumbai SEZ as it involves acquisition of over 10,000 hectares of land.
Even as Left parties have demanded a review of the tax concessions provided to SEZs, the DoT has sought extension of excise duty exemptions to industrial units set up in telecom-specific SEZs.
A key meeting of senior United Progressive Alliance government ministers and political parties, including the Congress and its Left allies, failed to secure a political consensus on the showpiece Special Economic Zones initiative.
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