State table
| State | Policy and validity | Headline incentives |
|---|---|---|
| Gujarat (GIFT City) | Gujarat IT/ITeS Policy 2022-27, for prescribed eligible activities of IFSC units; state exemption from stamp duty and registration charges | One-time capital subsidy of 25% of capex (cap ₹200 crore above ₹250 crore of fixed investment; ₹50 crore below); operating-expense subsidy of 15% for five years (cap ₹40 crore or ₹20 crore); 100% electricity duty reimbursement for five years. |
| Gujarat (GIFT City), continued | Gujarat IT/ITeS Policy 2022-27 | Employer EPF contribution reimbursed up to 12% of salary (100% for women, 75% for men); interest subsidy of up to 7% on term loans for five years, capped at ₹1 crore a year. |
| Tamil Nadu | Tamil Nadu FinTech Policy 2021, expired 31 December 2025, when its incentives ended; TIDCO Fintech City, Chennai | The policy offered 75% of operating expenses up to ₹5 lakh a year and 100% net SGST reimbursement up to ₹5 lakh a year, for at most three years. Fintech City covers 110 acres. |
State notes
- Gujarat amounts. The Gujarat figures are converted from the million-rupee figures published by GIFT City. Confirm current terms with the state agency before committing.
- Eligibility. The Gujarat package applies to prescribed eligible activities of IFSC units under the IT/ITeS Policy 2022-27, not to every IFSC business; the state also exempts IFSC units from stamp duty and registration charges.
- Tamil Nadu. The FinTech Policy 2021 expired on 31 December 2025 and its incentives ended. A Chennai-based plan cannot rely on state fintech subsidies; only the Fintech City space (110 acres, TIDCO) remains as stated support.
Note: Units of measure as the sources use them: ₹1 lakh = ₹100,000; ₹1 crore = ₹10 million.
How the state package interacts with central relief
The Gujarat incentives sit alongside the central GIFT City regime: the 20-of-25-year income deduction, the 9% MAT and the exemptions from STT, CTT, stamp duty and GST on IFSC exchange transactions described under central incentives and tax and zones. The state exemption from stamp duty and registration charges is a separate measure from the central transaction-tax exemption.
For other states’ policies across sectors, see state incentives and the incentive tracker.
What to check next
- Confirm with the Gujarat state agency which IFSC activities are “prescribed eligible activities” under the IT/ITeS Policy 2022-27.
- Check the current capex and opex caps against the fixed-investment threshold of ₹250 crore that sets the ₹200 crore or ₹50 crore cap.
- Confirm whether the EPF reimbursement and interest subsidy are still open and how they are claimed.
- Do not budget for Tamil Nadu fintech incentives; confirm with TIDCO what Fintech City offers today.
- Check whether a successor Tamil Nadu policy has been notified since 31 December 2025.