Which of the following statements is/are correct about earnings of SEZ units?

I. Export earnings receive 100% exemption from income tax for 5 years. II. They are required to pay excise duty on goods purchased from industries outside India. III. Export earnings do not get any tax exemption from income tax after 15 years.

Export earnings receive 100% exemption from income tax for 5 years. There is no exemption from income tax after 15 years. The income tax is exempted for a period of 15 years, i.e. 100% of export profit is exempted from income tax for the first 5 years from the date of first exports. For the next 5 year, 50% of export profit is exempted. For the last 5 years, 50% of the ploughed back export profit is exempted from income tax. The above benefits are available subject to attainment of positive Net Foreign Exchange (NFE) earning in a block of 5 years from the date of commencement of operations.