Gujarat International Finance Tec-City (GIFT City), the first
International Financial Services [IFSC] in India, has gained the
significant attention as a hub for financial and IT services.
However, one crucial aspect that often remains under-discussed is
the applicability of stamp duty within the Special Economic Zone
[SEZ].
Simply said, GIFT City is a "Special Economic Zone"
that has been set up under the Gujarat SEZ Act of 2004
("Guj SEZ Act").With a view to attract
businesses and investors alike in GIFT City, the Government has
introduced various fiscal benefits including income tax exemption,
customs duty exemption, and exemption from state taxes and levies.
These benefits are aimed at promoting investment and boosting
economic growth within the SEZ.
