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GIFT City funds want tax removed
Mint Kolkata
|October 22, 2025
The regulator of GIFT City, short for Gujarat International Finance Tec City, has relayed a key demand from fund companies operating there to the Union finance ministry that tax collected at source, or TCS, be exempted on investments made by Indians in the international financial services centre (IFSC).
GIFT City, India’s first IFSC, is considered an offshore jurisdiction and whenever an Indian investor sends money to a fund registered there, the transfer attracts TCS like any other overseas transfer. TCS for investments is levied at a rate of 20% for amounts exceeding ₹10 lakh.
The International Financial Services Centre Authority, or IFSCA, as the GIFT City regulator is named, has not got any commitment from the finance ministry on the same, said an official with direct knowledge of the matter.
This story is from the October 22, 2025 edition of Mint Kolkata.
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