Punjab on Saturday became the sixth state in the country to put in place its own Special Economic Zone (SEZ) Act, with the passing of Punjab Special Economic Zones Bill 2009 by the state assembly in Chandigarh.
"Now the grant of concessions will get a legal status with the enactment of Punjab SEZ Act and the development of SEZ projects will be accelerated," State Industry and Commerce Minister Manoranjan Kalia said.
Even after the implementation of SEZ Act 2005 by the Centre, the exemptions like sales tax, VAT etc were either not provided or delayed by concerned departments as there were no enabling provisions in the framework, Kalia said.
Earlier, Haryana, Gujrat, West Bengal, Maharashtra and Madhya Pradesh have enacted their own SEZ Acts.
Elaborating upon the benefits to be provided by the state SEZ Act, Kalia said that SEZ developer would be exempted from payment of stamp duty, registration fee and social security cess on the purchase of land.
This exemption would be available even on the first transfer or lease of immovable property within SEZ for industrial, commercial and residential purposes whereas such exemption in Gujrat and Maharashtra are meant for industrial use in SEZ, he added.