Desh bill Draft.pdf
DESH Bill is set to revamp Special Economic Zones (SEZ) into the Development of Enterprise and Service Hubs (DESH). The DESH Bill has been on the cards since the 2022 Budget announcement that SEZ Act 2005 would be restructured to improve exports and boost competitiveness. With this law, the commerce and industry ministry has started the process to ease the process of identifying vacant spaces approximately above 100 million sq. ft built-up area, worth ~ ₹30,000 crores in 250-plus SEZs in the country so that the spaces that have no more demand can be used for industrial or other objectives. If you are looking for more details related to the DESH Bill law, please visit: https://lnkd.in/g4bH8JPB today and get a detailed overview of this new development in India.
Desh bill Draft.pdf
- 1. -All set to revamp the existing SEZ laws in India. Desh Bill Draft 2022 Want to know how? Slide left to know more
- 2. The new Development (Enterprise and Services) Hubs Bill, 2022, Known as the “DESH” Bill, is set to change the existing SEZ Laws in India. A draft law has been introduced to revise the Special Economic Zones (SEZs) into the Development of Enterprise and Service Hubs (DESH). However, the same is yet to be enacted by the Parliament and is likely to be tabled in the upcoming Monsoon Session. Introduction 1/5
- 3. Some Key Developments in the new draft law include: Concept of MOOWR scheme brought into DESH with depreciation benefit extended Single application form for obtaining approvals by developer or unit. Submission of form in online mode. No Positive NFE requirement and no payment in FFE A Limit has been prescribed for manufacturing services to or from the DTA unit (job work/ subcontracting), unlike the SEZ Act. No time limit for the storage of goods in the Hubs. Trading activity is permitted now. DESH” Bill -Executive summary 2/5
- 4. 3/5 The Board will use the following Guiding Principles while notifying any area as Development Hub: Generation of extra economic activity. Creation of employment opportunities. Promotion of investment from domestic and foreign sources. Promotion of innovation and investment in research and development. Development of infrastructure facilities. Integration with global supply and value chains and manufacturing and export competitiveness maintenance. Maintenance of sovereignty and integrity of India Other such relevant principles as may be considered. Creation of global centres for data and service destinations. Principles
- 5. 4/5 Key Tax Benefits under DESH Bill 2022 include: Customs duty and IGST payable on imports are exempt. Goods procured are treated as supply to SEZ from a vendor perspective. Option to get goods without payment of IGST. Export-related duties are exempted. No requirement to achieve positive NFE as required under erstwhile law. Trading of goods is allowed in the new law. The same was not allowed under the erstwhile law.
- 6. 5/5 Benefits of Single Window Mechanism for DESH - an initiative of the Trade Promotion Council of India Maintenance of an integrated online portal Single application form, return Provisional approvals by the Central Government Setting up of Offshore Banking Units
- 7. To get more information about DESH Bill 2022-2023, Visit- http://www.steadfastconsultants.in Thank You