BS reported that JSL Stainless may be allowed to withdraw its stainless steel Special Economic Zone in Orissa if the company gives a bank guarantee to return the tax benefits already availed by it.

The proposal will come up before the Board of Approval in the Commerce Ministry at its meeting scheduled for May 31st 2011.

JSL has already refunded to the government INR 101 crore, which it had availed of due to the SEZ status for its proposed project at Kalinga Nagar. However, the dues on account of exemptions of the central sales tax are yet to be recovered, for which a bank guarantee is proposed by the government.

The SEZs enjoy a host of exemptions on taxes, including customs duty, excise, service tax, entry tax and Duty Entitlement Pass Book.

(Sourced from www.business-standard.com)