The Finance Minister, in the Union Budget for FY 2023-24 announced the “Implementation of a single window IT-enabled system for application processing of entities desirous of setting up operations in GIFT IFSC to improve the Ease of Doing Business (EoDB).” Towards this end, IFSCA has developed a Single Window IT System (SWITS) which, inter-alia, contains a Common Application Form (CAF), created by merging several existing forms including business-specific Annexure Forms. The SWITS aims to harmonise and simplify the process of submission of application under various Acts administered by IFSCA, in addition to the Special Economic Zones (SEZ) Act, 2005.
SWITS also provides the facility for an entity to apply for Goods and Services Tax Number (GSTN), thereby simplifying the tax registration for businesses. Further, SWITS also enables the online payment of fees in USD for entities desirous of setting up operations in IFSC.
It is hereby directed that, from October 01, 2024, all the applicants, except those mentioned under clause 6 (i.e. Exceptions), shall submit/file their applications exclusively through SWITS for seeking-
- License, registration or authorisation, as the case may be, from IFSCA;
- Approvals from SEZ Authorities and registration from GSTN; and,
- No objection Certificate (NoC)/requisite approval from appropriate regulators.
