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A special economic zone (SEZ) is a geographical area which is different from the rest of the country because it has certain rules and regulations pertaining to it. These zones are special areas in a country that possess unique economic regulations. The measures are conducive to foreign direct investment. It is always advantageous to conduct a business idea in a SEZ as the company will receive tax incentives and is subject to pay low taxes. Asian countries including India are among the firsts to recognize the efficiency of the export processing zone (EPZ) model which is used to promote exports.
An area in a state which we can consider as duty free zone in basically called SEZ. This area is free from high excise duties and charges by the government and they provide tax exemption on duties (income tax, excise duty, custom duty) and subsidies on use of water and electricity. It is an entity outside the custom boundaries of India in relation to authorized operations.