Why Us

The Financial Power Centre Empowering Maritime Businesses

At the heart of GIFT City is the International Financial Services Centre – IFSC, the first of its kind in India.

The Gujarat Maritime Cluster is located within the GIFT City. Built from ground up, GIFT represents India’s biggest and finest business ecosystem. It offers businessmen a hi-tech space with all imaginable amenities and policies expected from a special economic zone.

The GIFT IFSC represents the epitome of India’s growing economic influence in the world. It exemplifies the emerging economic clout of India with the best infrastructure, tax benefits & policies and modern lifestyle. Operational since 2015, the IFSC is designed to be at or above par with globally benchmarked financial centres such as Shanghai, La Défense Paris, London Dockyards, Hong Kong, Singapore, Dubai etc.

Hon’ble PM, Narendra Modi

"The concept of IFSC is simple but powerful. It aims to provide on-shore talent with an offshore technological and regulatory framework. This is to enable Indian firms to compete on an equal footing with offshore financial centres."

Fiscal Incentives in GIFT SEZ

As part of the IFSC, GMC offers taxation at par with competing jurisdictions for a level playing field. This includes tax incentives and exemptions that enable every maritime business the opportunity to reap the maximum returns on their investment. To stay competitive in the offshore environment, companies will need to look for both a competitive regulatory framework and high quality specialised resources that are dedicated to the sector.

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
  • No GST on Services – Received by unit in IFSC, Provided to other IFSC / SEZ units, Exported to offshore clients including intermediary services
  • 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
  • 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