Sort of.
There are several datetime system functions common to prior releases of SQL Server. GetDate() gives local date/time. GetUTCDate() gives GMT. You can then use datediff to find the hour difference between them to give you the offset, like so:
select datediff(hh, getutcdate(), getdate())
So for me here in California, the offset is -8. For you in India, I would guess it's more like +5 or so.
MS simply added a new system datetime function to give you all the parts in one easy-to-use function, SYSDATETIMEOFFSET().