Home ECONOMY SEZs availed over Rs.83,000 crore tax concessions in six years: CAG

SEZs availed over Rs.83,000 crore tax concessions in six years: CAG

0
SHARE

New Delhi, Nov 28:

The Special Economic Zones (SEZ) in India had availed tax concessions to the tune of Rs.83,104.76 crore between 2006-07 and 2012-13, a report by official auditor Comptroller and Auditor General of India (CAG) said here Friday.

Comptroller-and-Auditor-of-General-CAG“Our review of the tax assessments indicated several instances of extending ineligible exemptions/deduction to the tune of Rs.1,150.06 crore and systemic weakness in direct and indirect tax administration to the tune of Rs.27,130.98 crore,” the report said.

The statement of revenue loss on account of various tax sops to SEZs presented along with budget every year is not comprehensive as it does not consider concessions given on account of central excise and service tax, it said.

The report stated that over a period of time, the growth curve of SEZs had indicated preference or urban agglomeration by industry, undermining the objective of promoting balanced regional development.

“Another significant trend in the SEZ growth has been the preponderance of IT/ITeS industry. 56.64 percent of the country’s SEZs cater to IT/ITeS sector and only 9.6 percent were catering to the multi product manufacturing sector,” the report added.

(IANS)