IT companies operating in Gift City will benefit from significant reductions in mats

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Mumbai, Ta. September 20, 2019, Friday

The Finance Minister's announcement to reduce the minimum alternative tax (MAT) will benefit companies providing IT-enabled services in Gift City. The MATE rate was reduced to 8% from 5%.

Gift City, located in Gandhinagar, Gujarat, has been established as a Finance Special Economic Zone and is an international financial services center. Therefore, the matte rate applicable to financial services undertakings is nine percent, which is the concession rate.

However, according to a Gift City official, up to 5 companies in Gift City providing IT and IT enabled services will be given major relief at Mate. Non-financial companies account for 7.5 percent of their mats.

Thus, with the fall of the mats, GIFT City-based IT and IT enabled service providers will have to pay 5% of their mats. The bank and some new ventures have also been approved in the last two months, the official said General Chat Chat Lounge

Gift City is waiting for a general director for all kinds of financial services. The proposal was made four years ago by the Reserve Bank and is now being finalized.

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