Budget 2022 Expectations: These 12 amendments are expected in SEZs in the upcoming budget

Union Budget 2022: The Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022 on February 1, 2022. The different industries and sectors are waiting in anticipation for the announcements to be made in the upcoming Union Budget 2022.

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There is a possibility of announcements related to the amendment to the SEZ Act, 2005 in the Union Budget 2022, Zee Business reporter Ambarish Pandey reported.

The amendments that are expected in the SEZ are as follows:

1) Amendments are expected in the infrastructure status that will ease the debt

2) There is a possibility of relief in many GST-related conditions

3) Big changes are expected in order to attract investment

4) Special terms and easy conditions are also expected  for new business

5) Promotion of investment of single, multipartner and international companies, are expected to take place in the budget announcement

6) In addition to that, there can be emphasis on attracting international investors to SEZ

7) A change in SEZ Sunset Clause may be announced

8) Easier exit rules for the SEZ companies than before can be announced

9) There is also the possibility of partial derecognition rule to change in SEZ so that the vacant areas can be used for any other industries or other works

10) Relief from Additional Custom Duty on product supply in domestic market is expected

11) Permission to take payment in Indian currency is expected to be granted

12) It is also expected that the Scheme to benefit RoDTEP will be expanding its scope

In the previous budget, the main focus of the government was on health and rural infrastructure development. This year, the Omicron variant of COVID-19 has raised concerns amid the economic recovery in the economy.

 -The Union Budget 2022-23 is likely to be tabled on February 1, 2022 by Union Finance Minister Nirmala Sitharaman.

 -This is the 4th Budget of the PM Narendra Modi-led NDA government in its second tenure.

 -The Budget 2022 will be presented around 11 am on 1st February 2022.