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GIFT City: Difference between revisions
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<nowiki>*</nowiki>The above incentives provided by the Government of Gujrat are applicable to IFSC and GIFT SEZ Units. | <nowiki>*</nowiki>The above incentives provided by the Government of Gujrat are applicable to IFSC and GIFT SEZ Units. | ||
===Tax Benefits for Companies=== | ===Tax Benefits for Companies<ref>{{Cite news |last=Karthikeyan |first=Suchitra |date=2022-08-29 |title=GIFT City explained: History & tax incentives of India’s first ‘Smart City’ |language=en-IN |work=The Hindu |url=https://www.thehindu.com/business/gift-city-explained-history-tax-incentives-of-indias-first-smart-city/article65736969.ece |access-date=2022-12-05 |issn=0971-751X}}</ref>=== | ||
To attract foreign and domestic investment in GIFT, the city’s international financial services centre (IFSC) was declared a multi-service Special Economic Zone (SEZ) in 2015 and the Union Budget 2016-17 provided it with a competitive tax regime. Here are the tax benefits for companies falling under IFSC: | To attract foreign and domestic investment in GIFT, the city’s international financial services centre (IFSC) was declared a multi-service Special Economic Zone (SEZ) in 2015 and the Union Budget 2016-17 provided it with a competitive tax regime. Here are the tax benefits for companies falling under IFSC: | ||
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* No GST on services received by these companies, provided to IFSC SEZ units or offshore clients | * No GST on services received by these companies, provided to IFSC SEZ units or offshore clients | ||
* State subsidies such as 100 per cent reimbursement of stamp duty and registration fee, 100 per cent reimbursement of electricity duty and Rs. 1 subsidy on power tariff for five years, 100 per cent reimbursement of employer’s provident fund contribution, and lease rental subsidy for every 50 sq ft per employee | * State subsidies such as 100 per cent reimbursement of stamp duty and registration fee, 100 per cent reimbursement of electricity duty and Rs. 1 subsidy on power tariff for five years, 100 per cent reimbursement of employer’s provident fund contribution, and lease rental subsidy for every 50 sq ft per employee | ||
* National/foreign exchanges set up under IFSC have total tax exemption from Security Transaction Tax (STT), Commodity Transaction Tax (CTT), Dividend Distribution Tax (DDT), Long Term Capital Gain (LTCG), Short Term Capital Gain (STCG).<ref name=":2" / | * National/foreign exchanges set up under IFSC have total tax exemption from Security Transaction Tax (STT), Commodity Transaction Tax (CTT), Dividend Distribution Tax (DDT), Long Term Capital Gain (LTCG), Short Term Capital Gain (STCG).<ref name=":2" /> | ||
=== Operational Benefits:<ref>{{Cite web |last=Advisory |first=InCorp |date=2022-06-16 |title=A Complete Overview of IFSC Gift City and Tax Benefits in Gift City |url=https://incorpadvisory.in/blog/a-complete-overview-of-ifsc-gift-city-and-tax-benefits-in-gift-city/ |access-date=2022-12-05 |website=InCorp Advisory |language=en-US}}</ref> === | === Operational Benefits:<ref>{{Cite web |last=Advisory |first=InCorp |date=2022-06-16 |title=A Complete Overview of IFSC Gift City and Tax Benefits in Gift City |url=https://incorpadvisory.in/blog/a-complete-overview-of-ifsc-gift-city-and-tax-benefits-in-gift-city/ |access-date=2022-12-05 |website=InCorp Advisory |language=en-US}}</ref> === | ||