Several realty firms, including Parsvnath, have sought the government's nod to shelve their special economic zone (SEZ) projects amid continued tax uncertainties. Among others, Parsvnath SEZ a Parsvnath Group subsidiary has offered to surrender six SEZs in Uttar Pradesh, Rajasthan, Haryana, Tamil Nadu and Maharashtra that had earlier been granted in-principle approval by the government.
The developer has requested for withdrawal of in-principle approval, citing economic (in realty market) slowdown, Direct Tax Code (DTC), imposition of minimum alternate tax ( MAT )) as the reason for the same.
