What is The Full Form of SEZ in GST?
SEZ full form in GST is Special Economic Zones. Special economic zones are designated areas where enterprises can comply with the law more easily and pay simpler taxes. SEZs are found inside a nation’s boundaries. For taxation purposes, they are yet regarded as a foreign country. This is why supplies coming from and going to a special economic zone are handled a little differently than usual supplies. Simply put, SEZs are seen as being situated in a foreign territory even if they are situated within the same nation. SEZs aren’t thought seen as being a component of India.
This makes it clear that any supply made to or by a developer of a special economic zone or special economic zone units is subject to the GST and is therefore regarded to be the interstate supply for which the Integrated Goods & Service Tax will be charged. SEZ transactions can be categorized as both exports and imports because SEZs are thought of as being situated in foreign countries. Export refers to the removal of goods or even services from an SEZ in India via any means of transportation, as well as the supply of goods and services from one unit or developer to another in the same SEZ or the other SEZ. Bringing services or goods into such an SEZ is referred to as import. from a place located outside India, by any mode of transport, or receiving goods or services from one unit/developer in the SEZ by another unit/developer located in the same SEZ or another SEZ.