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1. All about SEZ, EOU & STP Schemes
Import and export business has been taken up by many popular industrialists these days. Be it Indian
market or global market export and import business has been one of the major sources of income for
many countries. Exporting or Importing any type of goods, products, machineries or commodities from
other countries affect in the making and breaking of the economy of the nation. Like other countries
India too has been following the paths of import and export in the country but is very well regulated by
the Government of the Nation. It is a known fact that too much of anything can spoil things and so is the
case in import and export as well.
Too much of imports and less of exports can affect and decline the economy of any particular country. In
order to prevent this cause and damage different measures have been taken by countries worldwide.
India’s initiative towards controlling the import and export system in the country was by announcing
and introducing several schemes like SEZ, EOU and STP. Another reason why these schemes were
introduced to the Nation was to promote more export from the country in order to contribute towards
the betterment of the nation’s economy. In order to help in the better understanding of all these
schemes, government has setup many DIT registration consultants. You can always seek their expert
guidance and assistance and also get units registered by the consultants.
All the above mentioned schemes are broadly explained below:
SEZ Scheme:
Special Economic Zone (SEZ) scheme was announced back in early 2000’s. The basic intention behind
introducing this scheme was to provide an internationally competitive environment for exports.
Objectives of this scheme are to make goods and services available without any taxes and duties. Under
the Act, SEZ could be set up either jointly or severally by the Central Government, State Government, or
any person (including a private or public limited company, partnership or proprietorship). Incentives
and benefits that come along with this program are many. First and foremost, units get exemption from
central sales tax, exemption from service tax and duty free imports.
EOU Scheme:
Export Oriented Units (EOU) scheme was introduced long back in the year 1980. The whole and sole
purpose of announcing this program was to boost and promote exports in the country by creating
additional production capacity. This program was introduced as a complementary scheme to the Free
Trade Zones/ Export Processing Zone (EPZ). Incentives and benefits that come along with this program
are many. All the imports to units are customs duty free, 100% of foreign equity is permissible, Full
Freedom for sub-contracting, Job work for exports is permitted and many more.
STP Scheme:
The many benefits and incentives that fall under this program are many. 100% customs duty exemption
on imports of capital equipments, Equipment can also be imported on loan or lease basis, 100% excise
duty exemption on indigenous items procurement and many more.
Undertaking exporting of units under this program or schemes can only be done by following
Entrepreneurs Memorandum registration.