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Tuesday February 23, 2016

Gujarat Budget 2016 - a big push to GIFT City

 
In the Budget presented on the floor of the Gujarat Assembly, State Finance Minister Saurabh Patel announced measures that will give a big push to GIFTCity near Ahmedabad. He also provided relief to the ailing ceramic industry in Morbi by providing necessary tax relief. The Budget imposed fresh taxes on luxury vehicles, industrial salt and e-commerce transactions, while fully exempting other items, like mosquito nets, sanitary napkins and adult diapers.
 
In the budget announcements by the State Government of Gujarat, it is proposed that theshare

brokers who set up their registered office in GIFTCity,have their operations and trades from GIFT City will be exempt from stamp duty payment. This exemption will be a big booster for the share-broking community and companies will be making a bee-line to establish their businesses in GIFT City.

Mr. Ajay Pandey, GIFT MD & CEO, hopes that this announcement will encourage the share broking community to consider GIFT City as their preferred business destination.

As the Central Government is working full-fledged for implementation of Goods and Service Tax and the same is expected to roll out soon, Gujarat Government is planning to bring in an “Amnesty Scheme” for recovering tax dues under the Sales Tax Act and the Value Added Tax Act.

 

 

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