For the purposes of background, Special Innovation Zones, as defined in the legislation, are, “zones notified by the Government of India in the Ministry of Science and Technology established for the purposes of clustering enterprises engaged in scientific, mathematical, technological or engineering research or services, for the purpose of innovation.”
In brief, under the draft legislation, being a part of the Special Innovation Zone enables one to be entitled to fiscal benefits inclusive of tax holidays on profits, income-tax exemption, exemption of capital gains on transfer of assets, exemption from Customs duty and excise duty on all goods sourced.
The issue then is does IPR Land satisfy the criteria of being a Special Innovation Zone? Well, Go Figure!
On a more important point, this legislation seems to have faded away from the limelight. Maybe our government should borrow a bit of Mr. Durairaj’s enterprising spirit and press on with the legislation.
We would like to know what goes on here…