ASSIGNMENT FOR CRETUM ADVISORY - 1

Table of Contents
Assignment for Cretum Advisory - 1............................................................................................................1
Question 1 - What is the present GST and Customs Implications when operating under the Export
Oriented Unit. What are the steps to delist the company from the EOU license and what are the steps
company has to follow before making this decision for delisting................................................................2
Answer 1 -................................................................................................................................................2
1. Issue 1: Understanding Present GST and Customs Implications for Export Oriented Unit (EOU)....2
1.1. Sub Issue – 1.1. - What is the present GST and Customs Implications when operating under the
Export Oriented Unit . What are the steps to delist the company from the EOU license and what are
the steps company has to follow before making this decision for delisting............................................2
Personal Analysis.....................................................................................................................................3
1.2. Sub-issue 1.2: Customs Implications - What are the customs duties and regulations applicable
to the export-oriented operations? - Are there any customs incentives or concessions provided for
EOUs? 4
The steps and procedures for debonding of EOU are as follows: -..........................................................4
Personal Analysis –..................................................................................................................................5
Due Diligence Process Before De bonding of EOU are as follows............................................................5
Question 2 - What are the GST and Customs Implications while operating under the Gift city ?................6
A. In respect of the services/ goods transported from DTA to the company operating under the Gift
City 6
B. In respect of the services/ goods procured by the company in Gift city?............................................6
C. Please explain what are the incentives in operating in Gift city?.........................................................6
Answer 2-................................................................................................................................................6
2. Introduction.....................................................................................................................................6
Indirect Tax perspective..........................................................................................................................6
Procurement of Goods or Services..........................................................................................................6
GST on Supply by units in IFSC.................................................................................................................7
2.1. In respect of the services/ goods transported from DTA to the company operating under the
Gift City....................................................................................................................................................7
GST Exemptions and Concessions:..........................................................................................................7
Personal Analysis:....................................................................................................................................8
2.2. In respect of the services/ goods procured by the company in Gift city......................................8
 Personal Analysis.....................................................................................................................................8
Personal Analysis:....................................................................................................................................9
2.3. Please explain what are the incentives in operating in Gift city?....................................................10
Personal Analysis:..................................................................................................................................10

QUESTION 1 - WHAT IS THE PRESENT GST AND CUSTOMS IMPLICATIONS WHEN OPERATING
UNDER THE EXPORT ORIENTED UNIT. WHAT ARE THE STEPS TO DELIST THE COMPANY FROM THE
EOU LICENSE AND WHAT ARE THE STEPS COMPANY HAS TO FOLLOW BEFORE MAKING THIS
DECISION FOR DELISTING.

ANSWER 1 -

1. ISSUE 1: UNDERSTANDING PRESENT GST AND CUSTOMS IMPLICATIONS FOR EXPORT

ORIENTED UNIT (EOU)
The Export Oriented Unit (EOU) scheme, introduced in 1981, mandates units to export their entire
production, with limited sales permitted in the domestic market. The scheme encompasses manufacturing
or service sectors, excluding trading units, and aims to boost exports, foreign exchange earnings,
investment, and employment while facilitating technology transfer. EOUs operate under guidelines
outlined in Chapter 6 of the Foreign Trade Policy (FTP) and are monitored by Development
Commissioners. The objectives include promoting exports, enhancing foreign exchange earnings,
attracting investments, generating employment, and transferring technology. EOUs can export all
products except prohibited items, with exceptions considered on a case-by-case basis.

I will like to guide my answer by answering the following sub issue for the Issue no. 1, I have divided
them into two folds -
 Sub-issue 1.1: GST Implications - How does the Goods and Services Tax (GST) apply to the
export-oriented activities of the company? - What are the specific GST benefits or exemptions
available for Export Oriented Units?
 Sub-issue 1.2: Customs Implications - What are the customs duties and regulations applicable
to the export-oriented operations? - Are there any customs incentives or concessions provided
for EOUs?

1.1. SUB ISSUE – 1.1. - WHAT IS THE PRESENT GST AND CUSTOMS IMPLICATIONS WHEN
OPERATING UNDER THE EXPORT ORIENTED UNIT . WHAT ARE THE STEPS TO DELIST THE
COMPANY FROM THE EOU LICENSE AND WHAT ARE THE STEPS COMPANY HAS TO FOLLOW
BEFORE MAKING THIS DECISION FOR DELISTING.

EOUs retain the benefit of exemption from Basic Customs Duty on imports. Under the GST regime, duty-
free imports are limited solely to Basic Custom duty, with exemptions from additional customs duties as
stipulated by sections 3(1), 3(3), and 3(5) of the Customs Tariff Act, 1975, and Central Excise duty as
outlined in the Fourth Schedule to the Central Excise Act. Suppliers transacting with EOUs are liable to
pay Integrated Goods and Services Tax (IGST) or Central Goods and Services Tax (CGST) plus State
Goods and Services Tax (SGST), for which EOUs can claim Input Tax Credit (ITC) akin to any other
registered entity.
EOU supplies are generally subject to GST, except for zero-rated supplies outlined in section 16 of the
IGST Act, covering physical exports and SEZ transactions. To capitalize on import benefits, EOUs must
follow Customs rules. Intra-EOU transactions are treated like any other supply under GST, allowing
EOUs to conduct job work under CGST provisions. Tax obligations arising from such transactions are
duly met.

PERSONAL ANALYSIS - The GST rules for Export Oriented Units (EOUs) strike a balance between taxes
and perks to boost exports. EOUs follow GST rules like other suppliers but enjoy exemptions on Basic
Customs Duty for imports. This helps the government push exports and make EOUs more competitive
globally. Also, EOUs can use Input Tax Credit (ITC) to reduce taxes on their inputs, making their
operations more cost-effective. However, EOUs must stick to the rules and regulations to get these
benefits. This shows how important it is for EOUs to follow the GST rules closely to benefit from them.

THE SPECIFIC GST BENEFITS OR EXEMPTIONS AVAILABLE FOR EXPORT ORIENTED UNITS –

To answer the following sub part – I have analyzed the “Ministry of Commerce and Industry [Noti.
No. S.O. 1565(E)] Foreign Trade (Development & Regulation) Act, 1992 dated March 31,2023 .
Clause 6.07 DTA Sale of Finished Products/Rejects/Waste/Scrap/Remnants and By-products

Export Oriented Units (EOUs) must export their entire production, but exceptions are allowed:
- Units, except for gems and jewellery, can sell finished goods in the Domestic Tariff Area (DTA),
subject to positive Net Foreign Exchange (NFE) fulfillment and payment of applicable excise duty,
GST, and compensation cess.
- Services, including software, can be sold in DTA up to 50% of FOB value or foreign exchange
earned, with GST applicable at DTA clearance.
- Gems and jewellery units can sell up to 10% of FOB value of exports in DTA, with GST and
compensation cess payable.
- Rejects can be sold in DTA upon intimation to Customs, with excise duty, GST, and compensation
cess payable, not subject to NFE achievement for up to 5% of FOB value.
- No duties/taxes on destroyed scrap/waste/remnants, excluding GST and cess.
- By-products included in LoP can be sold in DTA, subject to positive NFE, with duties and taxes
payable.

PERSONAL ANALYSIS
In analyzing the production regulations for Export Oriented Units (EOUs), it's evident that while the
primary focus remains on exports, certain exceptions are permitted under specific conditions. Finished
goods, including by-products and rejects, can be sold in the Domestic Tariff Area (DTA) under the
condition of fulfilling positive Net Foreign Exchange (NFE). Additionally, services, including software,
can be sold in the DTA up to 50% of the export value, provided the payment is received in foreign
exchange. Gems and jewellery units are allowed to sell a limited percentage of exports in the DTA,
subject to meeting positive NFE criteria. The sale of rejects and by-products in the DTA is also
permissible under certain conditions. However, it's crucial to note that taxes and cess under the GST
laws still apply, even in cases of destruction of scrap or waste with Customs permission. This analysis
underscores the importance of understanding and adhering to the specified conditions to effectively
leverage these allowances for DTA sales within the EOU framework.

1.2. SUB-ISSUE 1.2: CUSTOMS IMPLICATIONS - WHAT ARE THE CUSTOMS DUTIES AND
REGULATIONS APPLICABLE TO THE EXPORT-ORIENTED OPERATIONS? - ARE THERE ANY
CUSTOMS INCENTIVES OR CONCESSIONS PROVIDED FOR EOUS?

Paragraph 6.18 (now 6.17 as per the new [Noti. No. S.O. 1565(E)] of FTP laid down the procedure and
condition for EOU to exit from the EOU scheme. The procedure inter alia lay down that with approval of
DC, an EOU may opt out of scheme subject to payment of Excise and Customs duty. An EOU may be
permitted to exit from the scheme at any time on payment of duty on capital goods under the prevailing
EPCG scheme for DTA units subject to fulfilling of positive NFE under EOU scheme.
Debonding of EOU means the exit of an Export Oriented Unit (EOU) from the EOU scheme and its
conversion to a Domestic Tariff Area (DTA) unit.
THE STEPS AND PROCEDURES FOR DEBONDING OF EOU ARE AS FOLLOWS: -
 The EOU should first apply to the Development Commissioner (DC) for an 'in-principle' de-bonding
permission, stating the reasons for de-bonding and the details of the goods to be cleared into DTA.
 The DC will examine the application and grant the 'in-principle' permission within 15 days, subject to
the fulfillment of the export obligation (EO) and other conditions.
 The EOU should then pay all the pending customs and central excise dues on the goods to be cleared
into DTA, such as raw materials, capital goods, finished goods, etc. The duty will be calculated as per
the notifications issued by the Department of Revenue.
 The EOU should also obtain a no objection certificate (NOC) from the customs/central excise
officers, certifying that all the dues have been paid and there is no case pending against the unit.
 If any show cause notice or demand is pending against the unit, the EOU should give an undertaking
on stamp paper that it will not dispose of its land, building, capital goods, etc. till the final settlement
of the case.
 The undertaking should be backed by a bank guarantee of 10% of the amount involved in the show
cause notice.
 The EOU should then submit the 'in-principle' permission, the duty payment challans, the NOC, and
the undertaking (if applicable) to the DC for final de-bonding approval.
 The DC will issue the final de-bonding order within 7 days, after verifying the documents and
ensuring that the unit has complied with all the requirements.
 The EOU should then surrender its LOP/LOI and other benefits availed under the EOU scheme to the
DC and the customs/central excise authorities.
 The EOU will then be treated as a DTA unit and will be subject to the normal rules and regulations
applicable to such units.
PERSONAL ANALYSIS –
1. Assessment of Compliance: Before proceeding with delisting, it's crucial to assess our company's
compliance with the terms and conditions of the EOU scheme. This involves reviewing our
export performance, adherence to industrial policies, and fulfillment of any regulatory
obligations.
2. Consultation with Authorities: Engage in discussions with the Deputy Commissioner (DC) or
designated officer overseeing EOU operations to understand the delisting process and seek
guidance on regulatory requirements.
3. Financial Preparation: Develop a financial plan to cover costs associated with delisting, including
payment of Excise and Customs duties, taxes, penalties, and any other dues owed to regulatory
authorities.
4. Documentation Submission: Prepare and submit all necessary documentation required for the
delisting process. This includes formal requests for exit approval, assessment reports of duty
liabilities, compliance records, and any other relevant paperwork specified by authorities.
5. Clearance of Dues: Ensure all outstanding dues, including Excise and Customs duties, taxes, and
penalties assessed by authorities, are cleared before applying for delisting. Obtaining a "No Dues
Certificate" from regulatory authorities is essential to confirm compliance and eligibility for
delisting.
6. Final Application for Delisting: Once all obligations are fulfilled and dues are cleared, submit a
formal application to the DC for final delisting from the EOU scheme. Upon receipt of the "No
Dues Certificate" and confirmation of compliance, the DC will issue the final delisting order.

DUE DILIGENCE PROCESS BEFORE DE BONDING OF EOU ARE AS FOLLOWS:

 The company should assess the feasibility and profitability of de bonding and exiting the EOU
scheme, considering the market conditions, tax implications, and regulatory requirements.
 The company should review its export obligation (EO) status and ensure that it has fulfilled the
minimum EO prescribed under the EOU scheme¹. If not, the company should pay the applicable
penalty or seek extension or relaxation from the Development Commissioner (DC).
 The company should conduct a physical inventory of all the goods imported or procured duty-free
under the EOU scheme, such as raw materials, capital goods, finished goods, etc. and determine their
current value and duty liability.
 The company should also identify and segregate the goods that are eligible for duty-free clearance
into Domestic Tariff Area (DTA) under the EOU scheme, such as waste, scrap, by-products, rejects,
etc. and obtain the necessary permission from the DC.
 The company should prepare and submit an application for 'in-principle' de bonding permission to the
DC, along with the details of the goods to be cleared into DTA, the duty payment challans, the EO
status certificate, the bank guarantee, and any other relevant documents.
 The company should obtain the 'in-principle' de bonding permission from the DC within 15 days,
subject to the fulfillment of the EO and other conditions.
 The company should pay all the pending customs and central excise dues on the goods to be cleared
into DTA, as per the notifications issued by the Department of Revenue.
QUESTION 2 - WHAT ARE THE GST AND CUSTOMS IMPLICATIONS WHILE OPERATING UNDER THE
GIFT CITY ?

A. IN RESPECT OF THE SERVICES/ GOODS TRANSPORTED FROM DTA TO THE COMPANY

OPERATING UNDER THE GIFT CITY
B. IN RESPECT OF THE SERVICES/ GOODS PROCURED BY THE COMPANY IN GIFT CITY?
C. PLEASE EXPLAIN WHAT ARE THE INCENTIVES IN OPERATING IN GIFT CITY?
ANSWER 2-
2. INTRODUCTION
 The establishment of India's International Financial Services Centre (IFSC) in Gujarat's Gift City
represents a momentous achievement for the nation's financial sector. This landmark event reflects
India's ambition to establish a thriving IFSC that can compete with renowned global financial hubs
such as London, Singapore, Hong Kong, and Dubai.
 The government's proactive efforts have created an enabling environment in Gift City, attracting both
domestic and international players. One of the key factors in establishing Gift City as a competitive
destination is addressing the concerns and suggestions of stakeholders, particularly in relation to
taxation. The government has strived to establish a tax-efficient environment, reducing the tax burden
and increasing the attractiveness of operating within the IFSC.

INDIRECT TAX PERSPECTIVE

With its array of tax holidays and streamlined single window clearance processes, the GIFT City IFSC
presents an irresistible value proposition for businesses in the financial services sector. The key benefits
from indirect tax perspective are discussed in the below paragraphs separately.
PROCUREMENT OF GOODS OR SERVICES
Setting up a unit entails the need for substantial capital investment in acquiring commercial workspace
and top-of-the-line capital equipment like laptops, servers, and office furnishings. There would also be
routine procurement of goods and services to be used in operations. Usually, the general rate of Goods
and Services Tax (GST) is 18% and thus procurement of goods or services are subject to it with
availability of ITC provided credit conditions relating to it are satisfied (such as ITC is not blocked or
output is not exempted etc). Additionally, generally imported goods may incur customs duty, including
basic customs duty, IGST, and Social Welfare Surcharge etc., which may range between 20-30%.
However, units operating in the IFSC are exempt from customs duty when procuring goods from outside
India. This exemption applies to their importation of goods, making it more cost-effective for them to
acquire necessary items from international sources.
Additionally, goods or services obtained from the domestic tariff area (DTA) for authorized operations in
the IFSC are treated as zero-rated supplies. This means that supplier making supply of goods or services
without the need for payment of GST under Letter of Undertaking (LUT) or Bond (subject to
certain conditions being met).
Furthermore, services or goods provided by other SEZ units to units in the IFSC are also considered zero-
rated. This implies that any services or goods supplied from one SEZ unit to a unit operating in the IFSC
would not be subject to GST burden. This enables reducing operational costs and promoting seamless
business activities within the IFSC.
GST ON SUPPLY BY UNITS IN IFSC
 Under the GST regime, service suppliers are generally required to pay GST on their services at a
standard rate of 18%, unless the services fall under exempted categories or qualify for zero-rated
status as per GST laws.
 However, by establishing a unit in the IFSC, service providers engaged in offering services outside
India can avail the benefit of zero-rated supplies. These units operating in the IFSC have the option to
export their services without any tax burden. Notably, the services provided to clients within the
Domestic Tariff Area (DTA) would be subject to GST. In other words, it would have a treatment at
par with the domestic suppliers.
2.1. IN RESPECT OF THE SERVICES/ GOODS TRANSPORTED FROM DTA TO THE COMPANY
OPERATING UNDER THE GIFT CITY

A. GST Implications for Goods and Services Transported from DTA to Gift City
As a company operating within the Gift City, it's imperative to grasp the GST implications
surrounding the movement of goods and services from the Domestic Tariff Area (DTA) to our
establishment. Understanding these implications allows us to navigate the regulatory landscape
effectively and ensure compliance with GST regulations.
B. Zero-Rated Transactions: Transactions involving the transportation of goods or services from
the DTA to the Gift City are treated as exports and are zero-rated for GST purposes. This means
that no GST is applicable on these transactions, providing a significant cost advantage for
businesses operating within the SEZ. For example, if our company procures software
development services from a vendor in the DTA, we would not incur any GST on these services
due to their zero-rated nature.
C. Section 16(1) of the Integrated Goods and Services Tax Act, 2017 (IGST Act) defines zero-rated
supply as exports or supplies to SEZ units. Section 16(3) allows registered persons to claim
refund of unutilized input tax credit without payment of integrated tax, subject to conditions.
Amendment from 01.10.2023 clarifies the process for claiming refund under bond or Letter of
Undertaking (LUT), as per Section 54 of the Central Goods and Services Tax Act, 2017.

GST EXEMPTIONS AND CONCESSIONS:

 Additionally, companies operating within the Gift City may benefit from GST exemptions or
concessions aimed at promoting investments and fostering economic growth within the SEZ. These
exemptions could include waivers on input taxes or reduced tax rates on specific goods or services.
For instance, if our company purchases machinery or equipment for our operations within the Gift
City, we may be eligible for GST exemptions or reduced rates on these purchases, resulting in cost
savings for our business.
PERSONAL ANALYSIS:
 Understanding the GST implications of importing goods and services from the DTA to the Gift City
is essential for optimizing our business operations and leveraging the benefits offered within the SEZ.
By taking advantage of zero-rated transactions and GST exemptions, we can reduce our operational
 costs and enhance our competitiveness in the market. Furthermore, staying updated on any changes or
updates to GST regulations ensures that we remain compliant with regulatory requirements and
mitigate any potential risks associated with non-compliance. Overall, a thorough understanding of
GST implications empowers us to make informed decisions and drive our business forward within the
Gift City ecosystem

2.2. IN RESPECT OF THE SERVICES/ GOODS PROCURED BY THE COMPANY IN GIFT CITY ?
A. GST Implications for Goods and Services Procured in Gift City - In the realm of Goods and
Services Tax (GST), understanding the implications of procuring goods and services within the
Gift City is crucial for our business operations.
B. Zero-Rated Supply: Goods and services procured within the Gift City are considered zero-rated
supplies under GST regulations. This means that while GST is applicable to these transactions,
the rate is set at zero percent. As a result, our company incurs no GST liability on the
procurement of goods and services within the SEZ. For example, if we purchase office supplies
or IT services from a vendor within the Gift City, we would not be required to pay any GST on
these transactions.
C. Input Tax Credit (ITC) Restrictions: Despite the zero-rated nature of supplies within the Gift
City, businesses must be mindful of certain restrictions on Input Tax Credit (ITC). Specifically,
GST paid on goods and services procured within the SEZ cannot be claimed as ITC for supplies
made outside the SEZ. However, ITC can be availed for supplies made within the SEZ itself. For
instance, if we purchase equipment for our operations within the Gift City, we can claim ITC on
the GST paid for these purchases, but we cannot utilize this credit for supplies made outside the
SEZ.

PERSONAL ANALYSIS:
 Understanding the GST implications of procuring goods and services within the Gift City empowers
our company to optimize our operational efficiency and minimize tax liabilities. By leveraging the
zero-rated supply provisions, we can reduce our procurement costs and enhance our competitiveness
in the market. Additionally, careful consideration of ITC restrictions allows us to maximize our tax
savings while remaining compliant with GST regulations. Overall, a thorough understanding of GST
implications enables us to make informed decisions and drive our business forward within the Gift
City ecosystem.

Lack of Clarity on GST Payments under RCM:

 Section 5(3) of the IGST Act designates the recipient under reverse charge mechanism (RCM) as
liable for GST payment, but not as a 'supplier'.
 Lack of clarity on whether IFSC units receiving services under RCM can claim zero-rating benefit
under Section 16.
 CBIC clarification dated 15.12.2018 suggests SEZ units under RCM should pay IGST, but it's not
binding.
 Maharashtra AAR ruling (2021-VIL-464-AAR) implies liability for IFSC units to pay GST under
RCM for certain services.
 Contradictory positions create ambiguity regarding availing zero-rating benefit or discharging GST to
avoid litigation.
Miss: Irregularities in Developing GST Laws:

 Comprehensive GST exemption for IFSC banking units contrasts with issues faced by businesses
in the DTA under evolving GST regime.
 Challenges include payment of GST on notified RCM supplies, discrepancies in form GSTR-2A
and GSTR-3B due to errors in form GSTR-1 filed by DTA suppliers, and changing legal
positions.
 Need for Holistic Coverage under Policy Circular or Notification:
 IFSC banking units require clarity on how dynamic GST laws in India will impact them.
 Policy Circular or Notification should prescribe the extent of GST laws' impact to minimize
ambiguity and litigation risks.
Role of Jurisdictional GST Commissionerate:

 Jurisdictional GST Commissionerate should issue trade notices or instructions clarifying the
impact of GST irregularities on IFSC units.
 Assurance that notices will not be issued on issues pending clarification or judicial interpretation,
in line with legislative intent to incentivize foreign investment.
 Potential Improvements Identified by Authors:
o Instruction from jurisdictional GST officers clarifying impact of GST irregularities on
IFSC units.
o Clarification of scope, extent, and powers of jurisdictional GST and Customs
Commissionerate to address potential litigation or disputes.
o Issuance of detailed policy note or circular to manage transition of IFSC in GIFT City
SEZ to Development Hub under proposed DESH Bill.
o Further clarifications from CBIC or IFSC Authority needed regarding GST payable on
RCM supplies by units in GIFT City SEZ and eligibility for credit.

PERSONAL ANALYSIS:
 The exemptions provided to banking units in the IFSC offer significant advantages, but the
evolving nature of GST laws in India presents challenges. Clarifications and policy guidelines are
essential to ensure clarity and minimize disputes. The recommendations provided by the authors
highlight the need for proactive measures from regulatory authorities to address these issues
effectively.

 Operating within the Gift City, India's first International Financial Services Centre (IFSC), offers
a myriad of incentives tailored to foster economic growth, attract foreign investments, and
stimulate business activities.
2.3. PLEASE EXPLAIN WHAT ARE THE INCENTIVES IN OPERATING IN GIFT CITY?
1. Tax Benefits:
One of the most significant incentives of operating in Gift City is the array of tax benefits offered by the
Indian government. These benefits include exemptions from Minimum Alternate Tax (MAT) under
Section 115JB(5A) of the Income Tax Act for units opting for the new tax regime. Additionally, units in
the Gift City enjoy a concessional MAT rate of 9% on book profits, as opposed to the standard rate of
15%. Furthermore, units deriving their income solely in convertible foreign exchange are exempt from
MAT provisions altogether, providing a competitive edge in terms of tax efficiency.

2. Safe Harbour Regime under Section 9A:

Section 9A of the Income Tax Act provides a specific exception from business connection provisions for
units set up in IFSC, subject to meeting specified conditions. This safe harbour rule aims to attract eligible
investment funds and fund managers to the Gift City by offering relaxations on fulfilling carveout
conditions. Such provisions create a conducive environment for the establishment and growth of financial
services entities within the IFSC framework.

3. Reduced MAT Rate:

The reduced MAT rate of 9% for units in the Gift City, coupled with exemptions for units opting for the
new tax regime, significantly enhances the tax competitiveness of businesses operating within the SEZ.
By alleviating the tax burden on book profits, this incentive encourages investment and expansion within
the Gift City, driving economic development and job creation.

4. Exemptions from GST and Customs Duty:

Goods and services procured within the Gift City are treated as zero-rated supplies under GST
regulations, offering relief from GST liabilities while enabling access to Input Tax Credit (ITC) for intra-
SEZ transactions. Additionally, customs duty exemptions on imports and exports within the IFSC
facilitate seamless cross-border trade and enhance the competitiveness of businesses operating within the
Gift City.

PERSONAL ANALYSIS:
 The incentives provided within the Gift City ecosystem not only confer tax advantages but also create
a conducive environment for innovation, investment, and business expansion. As a result, our
company can leverage these incentives to optimize operational efficiency, reduce tax liabilities, and
enhance competitiveness in the global marketplace. By strategically aligning our business activities
with the incentives offered within the Gift City, we can unlock new growth opportunities and
establish ourselves as a key player within the vibrant IFSC ecosystem.