Abstract

This study examines into the establishment of India's first International Financial Services Centre (IFSC) and the tax incentives that are offered to the foreign corporations and its growth as financial hub in India. This research paper also examines into the tax benefits such as corporate tax regime (CAT), Minimum Alternate Tax (MAT), Capital Gain Tax (CGT), Securities Transaction Tax (STT), Goods and Service Tax (GST) Commodities Transaction Tax (CTT) and stamp duty. This research paper is also going to highlight about the tax incentives given for Aviation ,marine and aerospace sectors and its legal frameworks and regulatory organisations such as International Civil Aviation Organization (ICAO) for Aviation sector and for maritime sector such as International Maritime Organization (IMO), for space sector the organization such as Indian Space Research Organisation (ISRO), Department of Space (Dos) and its economic policies that led to rapid impact on its growth. Furthermore it also deals with the licensing and registration requirements that are required for the aviation sector, maritime industry and space sector. This article is thoroughly investigates about a Double Taxation Avoidance Agreement this agreement is acting as a tax relief in one country. It also looks over the governing bodies of the GIFT city such as (IFSC) and Special Economic Zone (SEZ). On the whole this article gives an overview about the tax reliefs offered by GIFT city and its growth as finance hub along with future initiative’s needed to be taken by the government for the development of financial hub in Gujarat.

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