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GST Special Economic Zones

Description: This quiz is designed to test your knowledge on GST Special Economic Zones.
Number of Questions: 15
Created by:
Tags: gst special economic zones indian law
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What is the full form of SEZ?

  1. Special Export Zone

  2. Special Economic Zone

  3. Strategic Economic Zone

  4. Special Enterprise Zone

Show answer
Correct Option: B
Explanation:

SEZ stands for Special Economic Zone.

Which article of the Indian Constitution empowers the Central Government to establish SEZs?

  1. Article 246

  2. Article 248

  3. Article 253

  4. Article 254

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Correct Option: B
Explanation:

Article 248 of the Indian Constitution empowers the Central Government to establish SEZs.

What is the primary objective of establishing SEZs?

  1. To promote exports

  2. To attract foreign investment

  3. To create employment opportunities

  4. To develop infrastructure

Show answer
Correct Option: A
Explanation:

The primary objective of establishing SEZs is to promote exports.

Which of the following is not a benefit offered to SEZ units?

  1. 100% exemption from customs duty

  2. 100% exemption from excise duty

  3. 100% exemption from service tax

  4. 100% exemption from income tax

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Correct Option: D
Explanation:

SEZ units are not offered 100% exemption from income tax.

What is the minimum area required to set up a SEZ?

  1. 10 hectares

  2. 25 hectares

  3. 50 hectares

  4. 100 hectares

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Correct Option: B
Explanation:

The minimum area required to set up a SEZ is 25 hectares.

Which authority is responsible for approving the establishment of SEZs?

  1. Ministry of Commerce and Industry

  2. Ministry of Finance

  3. Ministry of External Affairs

  4. Ministry of Home Affairs

Show answer
Correct Option: A
Explanation:

The Ministry of Commerce and Industry is responsible for approving the establishment of SEZs.

What is the validity period of a SEZ approval?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years

Show answer
Correct Option: B
Explanation:

The validity period of a SEZ approval is 10 years.

Which of the following is not a type of SEZ?

  1. Export Processing Zone

  2. Free Trade Zone

  3. Industrial Estate

  4. Special Economic Zone

Show answer
Correct Option: C
Explanation:

Industrial Estate is not a type of SEZ.

What is the role of the Development Commissioner in a SEZ?

  1. To promote exports from the SEZ

  2. To attract foreign investment in the SEZ

  3. To provide infrastructure facilities in the SEZ

  4. To monitor the performance of the SEZ

Show answer
Correct Option: D
Explanation:

The role of the Development Commissioner in a SEZ is to monitor the performance of the SEZ.

Which of the following is not a requirement for obtaining a SEZ unit approval?

  1. A valid SEZ approval

  2. A detailed project report

  3. A minimum investment of Rs. 1 crore

  4. A minimum export obligation of 50%

Show answer
Correct Option: C
Explanation:

A minimum investment of Rs. 1 crore is not a requirement for obtaining a SEZ unit approval.

What is the maximum period allowed for the development of a SEZ?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years

Show answer
Correct Option: C
Explanation:

The maximum period allowed for the development of a SEZ is 15 years.

Which of the following is not a benefit offered to SEZ developers?

  1. 100% exemption from customs duty

  2. 100% exemption from excise duty

  3. 100% exemption from service tax

  4. 100% exemption from income tax

Show answer
Correct Option: D
Explanation:

SEZ developers are not offered 100% exemption from income tax.

What is the minimum investment required to set up a SEZ unit?

  1. Rs. 1 crore

  2. Rs. 5 crore

  3. Rs. 10 crore

  4. Rs. 25 crore

Show answer
Correct Option: A
Explanation:

The minimum investment required to set up a SEZ unit is Rs. 1 crore.

Which of the following is not a type of SEZ unit?

  1. Manufacturing unit

  2. Trading unit

  3. Service unit

  4. Infrastructure unit

Show answer
Correct Option: B
Explanation:

Trading unit is not a type of SEZ unit.

What is the minimum export obligation for SEZ units?

  1. 25%

  2. 50%

  3. 75%

  4. 100%

Show answer
Correct Option: B
Explanation:

The minimum export obligation for SEZ units is 50%.

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