Amid uncertainty prevailing over taxability of special economic zones (SEZ), Airmid Developers Ltd is understood to have sought denotification of its proposed enclave in Gurgaon.
The Haryana government has given the 'No Due' certificate to Airmid Developers.
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SEZ developer has to return any incentive claimed from the state government in the shape of stamp duty or licence fee relaxation when it wants to withdraw the project, official sources said.
"The Centre had asked Airmid Developers to get the 'No Due' certificate from the state (Haryana) government and we have issued the same as no incentive was claimed by the developer from us," they added.
When contacted Airmid Developers refused to comment on the issue.
The company had proposed to set up an IT/ITes SEZ project at village Pawala, Khusropur in Gurgaon with an investment of Rs 750 crore at an area of 10.12 hectares which was expected to employ 50,000 people. It was notified by the Centre in June, 2009.
This is the second notified SEZ project in Haryana which had come for withdrawal by any developer. Earlier, realtor DLF had got its SEZ project denotified in 2009 which was to come up at Sonepat in Haryana at capital investment of Rs 509 crore.
In Haryana, 101 SEZ projects had been proposed to set up by developers, out of which 95 SEZ projects were to come up in NCR region alone. The Centre has given in-principle approval to 17 SEZs, formal approval to 45 and notified 32 projects.
In the last six years, only three IT SEZ projects, including DLF Cyber City, DLF Limited and one Gurgaon Infospace in Haryana, have become operational.
Several realty firms are seeking the government's nod to shelve their SEZ projects across the country over continued tax uncertainties.
The draft Direct Tax Code had proposed to withdraw tax incentives from new SEZ units that would come up after implementation of DTC and had come as major concern for the SEZ developers, industry analysts pointed out.
Under the SEZ Act, SEZ units get 100 per cent tax exemption on profits earned for the first five years, a 50 per cent exemption for the next five years and another 50 per cent exemption on re-invested profits in the following five years.
SEZ developers get 100 per cent tax exemption on profits for 10 years, which they can choose in the block of the first 15 years.
Source : news.outlookindia.com