To further the objective of making the GIFT International Financial Services Centre (IFSC) in Gujarat a hub for financial services in the world, the Centre has exempted tax on capital gains arising from the transfer of units of investment trusts and exchange-traded funds (ETFs) on exchanges in the IFSC.

The Central Board of Direct Taxes (CBDT) notified the exemption under the International Financial Services Centres Authority (Fund Management) Regulations, 2022.