Exemption from State taxes, duties, fees, cess and levies.

(1) The following shall be exempted from payment of any tax, duty, fees, cess or any other levies under any existing State law, namely:— (i) any goods exported out of or imported into the Special Economic Zone for setting up of an individual unit and for processing by the industrial unit; (ii) inter unit transaction of goods within the Special Economic Zone; (iii) goods from the Special Economic Zone sent for value addition to the domestic tariff area and returned to the Special Economic Zone thereafter; and (iv) services that provide value addition to a product within the Special Economic Zone. (2) All transactions and transfers of immovable property or documents related thereto within the Special Economic Zone shall be exempted from stamp duty: Provided that the stamp duty paid by the Developer in respect of the transactions of immovable property entered into, after the commencement of the Special Economic Zones Act, 2005 (Central Act 28 of 2005) but prior to the notification of the area as Special Economic Zone, shall be refunded after the Special Economic Zone is so notified: Provided further that appropriate entries shall be made in the revenue records against the land so notified as Special Economic Zone to the effect that in respect of the same the stamp duty has either been refunded or not paid and its further sale by the Developer shall not be permissible unless the Special Economic Zone has been denotified and the benefit of the stamp duty availed is remitted to the Revenue Department by him with interest at the rate of 12% per annum on the said amount chargeable with effect from the date the refund was made or the stamp duty was not paid, as the case may be, to the date of remission and a certificate is obtained in this regard from the revenue authorities.