Gift City Tax Benefits | Startup | Sarthak Ahuja

Will GIFT City be able to compete with Dubai, Singapore and Hong Kong in becoming a global offshore financial centre?
GIFT stands for Gujarat International Finance Tec-City and sprawls across 800 acres in Gandhinagar, Gujarat, almost 12 kms from the Ahmedabad Airport.
The central idea is to bring a lot of entities operating in the world of finance to one district, and offer people who enter into transactions with such entities some tax concessions so that money from the world flows into this part of India.
So far, over 23 multinational banks like JP Morgan, HSBC, Barclays, StanChart and Deutsche Bank have opened their offices here.
In addition, two recognized stock exchanges have opened here where trading happens for over 22 hours a day - NSE IFSC, and India International Exchange (IFSC) - also known as India INX.
Entities like Mutual Funds, Hedge Funds, PE Funds, VCs, Airline & Ship Leasing companies are also being invited to set up base - over 80 have already set up base here.
Why should anyone care to open an account with an entity in GIFT City?
👉🏼 If an NRI earns a return from a portfolio of investments being managed by a fund in GIFT city, such income will be assumed to be earned outside of India and not subject to tax (of course subject to a few conditions)
👉🏼 No GST, STT and Stamp Duty on transactions carried out on IFSC Stock Exchanges
👉🏼 Interest earned on Long Term Bonds listed on IFSC Stock Exchanges subject to lower tax rate
👉🏼 10 Year Tax Holiday to such foreign finance entities
👉🏼 Allowing transactions of such funds and intermediaries to happen in forex such as USD without conversion to INR which saves fees for conversion and also subjects it to currency risk
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.

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