The Uttar Pradesh Government has declared a range of tax benefits along with simplifying the process for the approval of building layouts. This move aims to increase investments in Special Economic Zones (SEZs).
Tax Benefits for SEZ Units
During the meeting, it was decided that units established in SEZs will receive a rebate on entry tax effective from June 30. These units will enjoy an entry tax waiver similar to that of export-oriented units. Moreover, provisions have been made to expedite the approval of building layouts.
Simplified Approval Process
The Unit Approval Committee, which is headed by officials from Noida and Greater Noida, will oversee the approval of these layouts. This initiative is expected to streamline the development process and attract more investors to the region.
VAT Refund Assurance
Additionally, officials were assured that the Value Added Tax (VAT) deposited by units set up in SEZs would be refunded. These units have been exempted from VAT with effect from January of last year, further bolstering their financial viability and operational efficiency.
Conclusion
These measures are part of a broader strategy to make SEZs more attractive to investors and stimulate economic growth in Uttar Pradesh.