The Finance Bill that was passed by the Lok Sabha saw many taxation proposals being rolled back. But Special Economic Zones (SEZs) were not that lucky as the proposal to levy minimum alternative tax (MAT) on the zones was given a nod by the Upper House of parliament.
While SEZs have been left disappointed and many tax and legal experts maintain that the finance ministry cannot levy the tax on SEZs as such a move will lead to a slew of litigation. Ajay Nijhawan, convener of the SEZ Developers Panel discussed on CNBC-TV18 the effect the policy development was leaving behind. In the last four years, he said that SEZs had created over five lakh new jobs. It was due to investments coming in that jobs were being created.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
