NASSCOM: India is Global GCC Capital, Sector Revenue Soars Past $70 Billion

• NASSCOM declares India the 'GCC capital of the world' as sector revenue exceeds $70 billion, nearly doubling in five years.
• India hosts capability centers for almost one-third of the world's top 500 companies and a quarter of the top 2,000 firms.
• Union Budget 2006 reforms boost IT/ITeS, expanding safe harbour rule for transfer pricing to 15.5% profit margin.
• Turnover threshold for safe harbour benefit sharply raised from ₹300 crore to ₹2,000 crore, aiding mid-sized GCCs.
• Reforms enhance certainty, reduce tax scrutiny risk, and streamline Advance Pricing Agreement process, attracting higher-value services.