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    Proposals for changes in SEZ and Allied Laws

     by

    SBS and Company LLP

    Chartered Accountants

    It gives me immense pleasure to congratulate your good self on being elected as member of committee responsible for recommending changes to the SEZ legislation. I am sure that this is one of the important mile stone in your efforts to make Sri City attain much brighter spot on the globe.

    On behalf of our firm, I am herewith submitting certain issues which the firm encounters while helping our SEZ clients. The probable ways of addressing such issues were also detailed. I wish the committee will take the issues into consideration and deliberate on them and make recommendations for making the SEZ space more vibrant.

    I once again on behalf of our firm congratulate your good self and submit our recommendations for due consideration. I shall assure that our team will be available at any time for discussion of the issues submitted hereunder. I shall also assure that our team can provide any technical or professional support required in this connection.

    Introduction:

    Under the erstwhile regime, levy of VAT on sale of goods is applicable only when such sale has been undertaken in the course of business. On the contrary, levy of excise duty or service tax are not connected with the existence of business. Under GST laws, the phrase ‘business’ assumes a lot of significance, for the reason that levy in general is on supply of goods or services while the definition of ‘Supply’ as given in Section 7 of Central Goods & Services Tax Act, 2017 (for brevity CGST Act) provides that they should be undertaken in the course of or furtherance of business. In this backdrop, let us analyse the term ‘Business’ in connection with supply and try to understand the possible scope for ambiguity and litigation.

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