Introduction

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GIFT City is the new Financial & Technology Gateway of India for the World.

This City is a Vertical City which will optimize land area consumption for development. The City is located on the bank of river Sabarmati connecting the Business capital (Ahmedabad) and Political capital (Gandhinagar) of Gujarat State- The Growth Engine of India.

GIFT City consists of am exclusive Domestic Tariff Area and a dedicated multi services Special Economic Zone (SEZ) for international operations for various services sector players. Also, GIFT multi services SEZ has the status of India’s first International Financial Services Centre (IFSC) approved by the Government of India.

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The GIFT City Advantages

  • Global IT & Finance Hub – A new global destination
  • Integrated Development – Commercial Office, Residential and Institutional Space
  • Strong Promoters – Govt. of Gujarat initiative supported by Govt. of India
  • Central Business District – Highrise district with landmark buildings
  • International Financial Services Centre (IFSC) – India’s first and only operational IFSC
  • State-of-the-Art Infrastructure – Next-gen urban planning offering Plug & Play infrastructure
  • Strategic Location – 20 mins away from Domestic and International Airport with planned Metro connectivity
  • Ease of Doing Business – Conducive Regulatory Environment

Fiscal Incentives in GIFT SEZ

Tax Incentives for IFSC Units

  • 100% tax exemption for 10 consecutive years out of 15 years
  • Minimum Alternate Tax (MAT) / Alternative Minimum Tax (AMT) at 9% of book profits / adjusted profits to apply
  • Dividend Distribution Tax exemption for IFSC Companies
  • Dividend Distribution Tax exemption for IFSC Companies
  • No GST on Services - Received by unit in IFSC, Provided to other IFSC / SEZ units, Exported to offshore clients including intermediary services
  • GST applicable on services provided to Domestic Tariff Area (DTA)
  • Security Transaction Tax (STT) waived off
  • Commodity Transaction Tax (CTT) waived off
  • Long Term Capital Gain (LTCG) waived off
  • Short Term Capital Gain (STCG) waived off
  • Withholding Tax waived off
  • Goods and Services Tax (GST) waived off
  • Govt. of Gujarat has also exempted Stamp Duty for entities having registered office in GIFT City for capital market activities

Tax Incentives for Non - IFSC Units (SEZ Units)

  • New SEZ occupiers are eligible to receive both direct and indirect tax benefits, only if their Letter of Approval (LOA) was issued before the end of March 2020.
  • All new SEZ occupiers getting LOA beginning April 2020 will not be eligible to receive direct tax benefits. However, the sunset clause will not impact their indirect taxes, and they will continue to receive benefits such as exemptions on GST and Service Export from India Scheme (SEIS) incentives (on eligible services), as long as they are operational
  • Minimum Alternate Tax (MAT) payable at 15%
  • Exemption from payment of Customs Duties and/or GST. The SEZ unit is free to make supplies to a Domestic Tariff Area (DTA) unit, based on a payment of IGST, where the payment is received in foreign exchange. However, GST applicable on services provided to DTA
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