The Department of Commerce can decide matters relating to grant of fis

The Department of Commerce can decide matters relating to grant of fiscal concessions in Special Economic Zones with the concurrence of

[amp_mcq option1=”the Minister-in-charge of the Department” option2=”the Department of Economic Affairs” option3=”the Department of Revenue” option4=”the Parliament” correct=”option3″]

This question was previously asked in

UPSC SO-Steno – 2017

Download PDF Attempt Online

Matters relating to the grant of fiscal concessions involve taxation and revenue. While the Department of Commerce is the nodal department for SEZ policy, decisions concerning fiscal matters, especially concessions, require the concurrence of the Department of Revenue within the Ministry of Finance.

– Fiscal concessions in SEZs typically involve exemptions or reductions in customs duty, excise duty, income tax, etc.
– The Department of Revenue is responsible for the administration of direct and indirect taxes in India.
– Any decision impacting government revenue requires consultation with and concurrence from the Ministry of Finance, specifically the Department of Revenue for tax-related matters.

– The SEZ Act, 2005 and SEZ Rules specify the framework for fiscal concessions, but administrative decisions and interpretations often require inter-ministerial consultation, particularly with the Ministry of Finance.

More similar MCQ questions for Exam preparation:-