SEZ Full Form In GST, What Does SEZ Stand For?
What Is The Full Form Of SEZ In GST?
SEZ full form in GST is Special Economic Zone. A Special Economic Zone (SEZ) is a designated area in a country that is granted certain economic and trade benefits by the government in order to promote economic development and attract foreign investment. These benefits may include tax exemptions, reduced regulations, and access to infrastructure and other resources. SEZs are often established in underdeveloped or economically disadvantaged regions and are intended to create jobs and stimulate economic growth in these areas. They may also be established in strategic locations, such as near major ports or airports, in order to facilitate international trade.
What Else Should You Know About SEZ?
In the context of the Goods and Services Tax (GST) in India, SEZs are treated as domestic territory for GST purposes, meaning that goods and services supplied within an SEZ are not subject to GST. However, goods and services supplied from an SEZ to the rest of the country (known as “domestic tariff area” or DTA) are subject to GST, and vice versa. This treatment is intended to encourage investment and economic activity within SEZs, while also ensuring that the GST system is applied consistently across the country.