While most Indians would regard August 15 as the most important date in India's 2017 calendar as it marked 70 years since the country's independence from British colonial rule, tax professionals might argue that another date has a valid claim to that title. That date is July 1 2017: the implementation date of India's goods and services tax (GST). GST is viewed as one of India's most transformative pieces of tax legislation ever. It is also a symbol of the economic reforms undertaken by the Indian government under the leadership of Prime Minister Narendra Modi.
Just days before GST came into effect, Modi was on a state visit to the US. It had the potential to be a difficult meeting: US President Donald Trump is seeking to persuade US MNEs operating in countries such as India to return back to the US, and he wanted Modi to ensure that India relaxes its trade barriers. The meeting was, outwardly at least, a success. On June 27 2017, the two men held a joint press conference during which Trump said that the relationship between India and the US has been "never been stronger". Three days later the country celebrated the introduction of GST, finally moving the country away from its complex matrix of central, state and local indirect taxes.
The scale of this achievement has to be viewed in context, and it is not the first time Modi has made progress on the tax front. Before his election, Modi was considered to be a politically polarising figure and a robust nationalist. Ever since he became the leader of the world's largest democracy, however, his economic reforms have told a more optimistic story. In 2016, his government implemented a demonetisation policy. This was intended to reduce India's black market economy. GST is part of Modi's stated aim to expand India's tax base and make it easier for companies to do business on the sub-continent. GST should provide the Indian government with a record of taxpayers and more revenue for its treasury coffers.
Beyond revenue collection, GST will have implications for tax disputes in India. "There will be a significant reduction in tax litigation. GST is a huge tax reform that simplifies how to do business in India," said Milind Kothari, founder and managing partner of BDO India. "This improves tax transparency, revenue and compliance."
The new tax will not be without challenges, of course. The database systems that GST will be based on require maintenance, which might prove costly, and there is also the issue of cybersecurity. However, the Indian government is not shy in its attempt to tackle economic challenges.
There is a feeling among some tax professionals that whatever the challenges that arise, the new GST regime is a remarkable feat and an achievement for India. In the words of Kothari: "No country has attempted such tax reform of this magnitude."
Taking a cue from the Sanskrit word 'Advaita' (meaning singular, unique), Advaita Legal ("Advaita"/"Firm") was set up in September 2013 as a tax boutique law firm with a vision to provide workable legal solutions attuned to the requirements of its clientele. What started as a seven member team of lawyers (in the direct tax and indirect tax verticals) has now grown into a forty five (45) member strong team with newer practice areas covering corporate/M&A, infrastructure and projects and employments laws in a short span of less than four years.
The team(s) in Advaita combine their substantive legal expertise in a diverse array of disciplines, issues and industries with an in-depth understanding of administrative, regulatory and legislative processes to provide the clients with a 360° experience. As a growing young firm, the lawyers at Advaita are staunch believers of going beyond the call of duty. The Firm consists of a young, passionate and driven team of lawyers mentored by well-established leaders in the domain of direct and indirect tax, projects and energy and corporate and M&A laws. A lot of emphasis is placed on the quality and value of the deliverables being sent across to the client(s) and the team(s) achieves this by ensuring significantly higher senior lawyer(s) time spent on assignments as compared to its peers.
A novel feature of the Firm's litigation strategy is the extensive and successful use of constitutional and administrative law principles in resolving tax litigation. A prominent example of such success is the landmark judgment of the Hon'ble Gujarat High Court in Alstom India, which struck down as unconstitutional the provisions of the Handbook of Procedure through which the DGFT sought to vest itself with the powers of review which were otherwise not conferred on it statutorily. The Firm has also been instrumental in securing judicial relief for leading e-commerce and alcohol companies, from service tax demands, by taking extensive recourse to constitutional law principles. The Firm also strives to provide novel strategic advice to companies ranging from conglomerates to new age technology companies on various tax implications arising out of their business operations. The Firm also boasts of considerable experience in the field of Transfer Pricing Litigation and Advisory and has been instrumental in securing judicial relief for clients in fora ranging from the Tribunal to the Supreme Court.
The Firm has received numerous accolades over the past year which include being awarded the Rising Law Firm of the Year by Legal Era and the Runner-up Award for Startup Firm of the Year by IDEX. The Firm's National Head, Mr. Sujit Ghosh, is an internationally ranked lawyer, having been consistently by International Tax Review as a leading tax litigator from India, in addition to domestic accolades received from Indian National Bar Association, Legal Era and Leadership Excellence Awards.
The Firm's service offerings include:
Key Contacts – Tax:
Sujit Ghosh, Managing Partner:
(O): 011 3323 2701
(M): +91 98110 19857
Email id: firstname.lastname@example.org
Delhi – 703-706, 7th Floor, E Block, International Trade Tower, Nehru Place, New Delhi – 110019
Mumbai – Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400011
Bangalore – D/313, Shobha Morvaria Grandeur, 4/1 Bannerghatta Main Road, Near Dairy Circle, Bangalore – 560 029
Gurgaon | Singapore | Delhi | Mumbai | Bengaluru | Pune | Hyderabad
Headquartered in Delhi NCR, Ashok Maheshwary & Associates LLP is a leading full service accounting and tax firm in India. With offices in New Delhi, Gurgaon, Mumbai, Pune, Bangalore, Hyderabad and Singapore, the firm provides an array of services including International Tax Advisory, Business Advisory, Tax & Regulatory Compliance, Assurance, Transaction Advisory, Valuation, M&A Tax, India Entry Strategy and Transfer Pricing to a wide range of clients. The firm's clients include Fortune 1000, Fortune 500 companies, Listed Multinationals, Listed Companies, Privately held Multinationals, Funds, Investment Firms, Asset Management Companies, Exciting start-ups, Large Domestic Corporate houses, NRIs and Expatriates. The firm provides its services span India and across the globe though its' close alliances with reputed firms. The firm is a member of Leading Edge Alliance, the second largest international association of accounting firms in the world and TPA Global, a niche network of specialist transfer pricing and valuation firms.
The firm's International Tax and Foreign Exchange Management ('FEMA') practice is led by Amit Maheshwari, partner of the firm, who is a leading tax expert in India. Amit Maheshwari has also authored books on Expat taxation, NRI-Regulations and Transfer pricing in India with Wolters Kluwer (CCH) and Lexis Nexis.
The firm is known for high quality advice while maintaining excellent turnaround time. It specializes in handling complex tax advisory and structuring assignments by providing cutting edge opinions with practical insights. One of the differentiating service offering of the firm is that it assists the clients in managing tax controversies including assisting in international arbitration, Mutual Agreement Procedure and arbitration under bilateral treaties. The firm, through its participation in various prestigious committees of Industry chambers, works with the government on various industry issues ranging from tax and regulatory matters to CSR activities and other policy initiatives. The clients benefit from the deep insight which the partners bring on the various existing/proposed policy formulations of the government.
Ashok Maheshwary & Associates LLP
344, Tower B2, Spaze I-Tech,
Sector-49, Sohna Road,
Gurgaon-122018, Haryana, India
T: + 91 124 4637530
Associate Firm: B.S.M. Associates
Mumbai Tel No: +9122 – 22004002
New Delhi Tel No: + 9111- 41522771
Web site: www.bsmco.net
Email (Mumbai): email@example.comEmail (New Delhi): firstname.lastname@example.org
Chief Mentor: Bansi S. Mehta
Established in 1958, practicing in Income Tax, Valuations & Business Restructuring, and representation before the Income Tax & Service Tax authorities/Tribunals, Tax/ Statutory Audits, Indian Accounting Standards (Ind AS) implementation/consultation/valuation, Transfer Pricing/Related Party Transactions/Internal Financial Control study & assisting in GST implementation and allied services.
BMR Advisors is a professional services firm offering a range of Tax, Risk and M&A advisory services for domestic and global businesses. The firm enhances value for clients by focusing on solutions that are innovative yet practical, such that these can be implemented. This is achieved by blending domain expertise with analytical rigour while maintaining an uncompromising focus on quality, and by hiring and nurturing high quality professionals with a passion for excellence.
The firm has won the confidence of numerous Fortune 500 companies and has been consistently ranked amongst the top Tax and M&A brands by several independent surveys.
As first reported by International Tax Review in July, the tax practice of BMR Advisors is set to combine with fellow tier-1 firm Deloitte. It is expected that the combination will be completed by the end of September 2017.
BMR and Community
The firm actively supports educational and environmental initiatives at SOS Children's Village, Saksham Daksh School and I Am Gurgaon.
Locations: Delhi NCR, Mumbai, Bengaluru, Pune, Chennai
(ICAI Registration Number: 117366W/W-100018)
Indiabulls Finance Centre, Tower 3, 28th Floor,
Senapati Bapat Marg, Elphinstone Road (W), Mumbai – 400013
Vipul R. Jhaveri
Managing Partner – Tax
Tel No: + 91 22 6185 4190
Deloitte Tax India has more than 2000 professionals across 8 locations in India.
Deloitte Tax in India is organized through 5 service lines – Global Business Tax, Global Employer Services, Transfer Pricing, Indirect Tax and Mergers & Acquisitions Tax.
Dhruva Advisors LLP
1101, 11th Floor, Tower 2B
One Indiabulls Centre
841, Senapati Bapat Marg
Elphinstone Road (W)
Mumbai – 400 013
Phone: +91 22 61081020
Main areas of focus:
Corporate Tax, Mergers & Acquisitions, Transfer Pricing, Regulatory, International Tax & Permanent Establishments, FPI Tax Advisory & Compliance, Indirect Tax, Customs, Foreign Trade Policy, Tax Controversy
109 A, 1st Floor
Free Press Journal Road
Mumbai 400 021 India
Tel: +91 22 6636 7000
Fax: +91 22 6636 7172
Other Offices: Delhi, Pune, Ahmedabad, Chennai and Bangalore
Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm has a unique positioning from the perspective of offering comprehensive services across both indirect (including Goods & Services Tax (GST)) and direct taxes (including transfer pricing) covering the entire spectrum of transactional, advisory and litigation work. With a team of over 90 tax professionals, and offices in 6 major cities in India; ELP is the firm of choice for its clients due to its commitment to deliver excellence. ELP has, amongst its various achievements, been recognised as an Outstanding Firm for Tax by Asialaw Profiles 2016 & 2017, has been awarded the Taxation Firm of the Year award in India Business Law Journal's Indian Law Firm Awards consistently for the past 8 years and has won the Best Tax Firm of the Year award in LegalEra Awards 2014 & 2015.
Rohit Jain (Partner)
Nishant Shah (Partner)
Naresh Thacker (Partner)
M.P. Devnath (Partner)
Hardik Modh (Partner)
Harsh Shah (Partner)
Jitendra Motwani (Partner)
Kumar Visalaksh (Partner)
Ranjeet Mahtani (Partner)
Gopal Mundhra (Partner)
Anay Banhatti (Partner)
Jignesh Ghelani (Partner)
Vivek Sharma (Partner)
Rajat Chhabra (Associate Partner)
Vivek Baj (Associate Partner)
Adarsh Somani (Associate Partner)
Abhishek Anand (Associate Partner)
Ernst & Young LLP
Golf View Corporate Tower B,
Sector 42, Sector Road,
Gurgaon, Haryana 122002
Tel: +91 12 4464 4000
Country Tax Leader
Tel: +91 22 6192 0900
Tax Markets Leader
Tel: +91 22 6192 0970
Tax Market Segment Leaders
Tel: +91 22 6192 0480
Infrastructure, Industrial and Consumer Products (North)
Tel: +91 12 0671 7110
Infrastructure, Industrial and Consumer Products (West)
Tel: +91 22 6192 2014
Telecommunications, Media & Technology
Tel: +91 226 192 0870
Tax Sub-service Line Leaders
Business Tax Services
Tel: +91 124 671 4943
Global, Compliance & Reporting
Tel: +91 80 6608 6832
Indirect Tax Services
Tel: +91 12 4671 4103
International Tax Services
Tel: +91 40 6736 2078
Transfer Pricing Services
Tel: +91 114 363 3240
People Advisory Services
Tel: +91 11 43633160
Transaction Tax Services
Tel: +91 22 6192 0900
Key Tax Solution Leaders
Tax Controversy / Policy Advisory Services
Tel: +91 120 671 7110
Tax Performance Advisory
Tel: + 91 124 4644780
Family Business Services
Tel: +91 226 192 0870
Tel: + 91 124 4644220
Accounting, Compliance & Reporting
Corporate Secretarial Services
Tel: +91 80 6608 6832
Nangia & Co is a leading integrated multidisciplinary professional firm serving a significant number of Fortune 500 clients and has clientele across 22 countries. The firm has one of the largest corporate tax, transaction tax and transfer pricing practice in India with its offices in Noida, New Delhi, Gurgaon, Mumbai, Dehradun and international office in Singapore. Thorough national and international alliances the firm is able to deliver quality services to its clients in India / abroad.
The firm has been in existence for over 30 years. Its specialization is gained from a rapid function based and industry tailored services delivered by a team of more than 150 professionals who draw their strength from its leadership team which includes 14 partners and directors, with considerable experience in advising several large multinational and Indian conglomerates on various matters involving direct and indirect taxes, cross border structuring, M&A transactions, transfer pricing structuring etc.
In terms of industry experience, the firm caters to all major industry segments viz. Aviation, Aerospace, Retail, Real Estate, Media, telecom, Oil & Gas, Auto Components, Manufacturing, IT / ITES, Ports Packaging, Shipping etc and as per the firm they are regarded as the largest firm in India for Oil and Gas advisory and serve significant Fortune 500 clients of this industry.
The firm's specialization is gained from a rapid function based and industry tailored services delivered by a team of more than 150 professionals who draw their strength from its leadership team which includes 14 partners and directors, with considerable experience in advising several large multi-national and Indian conglomerates on various matters involving direct and indirect taxes, cross border structuring, M&A transactions, transfer pricing structuring etc.
The firm has implemented the highest level of service delivery and ethical standards. It is also registered with the Public Company Accounting Oversight Board (private sector, nonprofit corporation, created under the Sarbanes-Oxley Act) in USA.
Service Offerings include:
a) Income Tax consulting and advisory (including cross border restructuring);
b) Indirect Tax compliance and advisory / GST Impact analysis;
c) Transfer Pricing compliance;
d) Tax and Transfer Pricing litigation;
e) Audit and Assurance services;
f) Corporate Restructuring (Mergers, Demergers etc.);
g) Merger and Acquisitions (Both in India and Overseas);
h) Joint Ventures (Joint Venture with an overseas technology partner etc.); and
i) Business Valuations.
Company contact details
Amit Agarwal | Partner (Tax / TP)
SKP Business Consulting LLP
19, Adi Marzban Path
Ballard Estate, Fort
Mumbai 400 001
Tel: + 91 22 6730 9000
Other Locations: Bengaluru, Chennai, Hyderabad, New Delhi, Pune
Contact: Maulik Doshi
SKP is a long established and rapidly growing professional services group located in seven major cities across India. SKP specialises in delivering sound Assurance, Business Advisory, Business Process Management and Tax Compliance services. Our team of over 1000 professionals, work together to provide holistic business solutions to international companies that are currently conducting or initiating business in India as well as those expanding overseas.
|Capital Gains Tax||20%||A|
|Domestic company income tax rate||30%||A|
|Net Operating Losses (years)|
|Interest paid to domestic companies||10%||B C|
|Interest paid to foreign companies||20%||A B C D E|
|Royalties from, for example, patents, know-how||10%||A B E F|
|Technical services fees||10%||A B E F|
|Branch Remittance Tax||0%||N/A|
A) The rates are subject to an additional levy consisting of a surcharge and a cess. They are increased by the following surcharges on such taxes:
No surcharge is payable if the net income does not exceed INR10 million. The tax payable (inclusive of the surcharge, as applicable) is further increased by a cess levied at 3% of the tax payable. The withholding tax rates are increased by a surcharge for payments exceeding INR10 million made to foreign companies and a cess (see above).
B) A Permanent Account Number (PAN) is a unique identity number assigned to a taxpayer in India on registration with the India tax authorities. If an income recipient fails to furnish its PAN, tax must be withheld at the higher of the rate specified in the relevant provision of the Income Tax Act and 20%.
C) Interest paid by business trusts is subject to a withholding tax at a rate of 10% for payments to residents and 5% for payments to non-residents (including foreign companies) plus applicable surcharge and cess.
D) This rate applies to interest on monies borrowed, or debts incurred, in foreign currency. Withholding tax at a rate of 5% (plus a surcharge of 2% or 5%, as applicable, and a 3% cess) is imposed on interest payments to non-residents (including foreign companies) with respect to the following:
Other interest is taxed at a rate of 40% (plus the surcharge of 2% or 5%, as applicable, and the 3% cess).
E) If a recipient of income is located in a Notified Jurisdictional Area (NJA), tax must be withheld at the higher of the rate specified in the relevant provision of the Income Tax Act and 30%. Cyprus has been notified as an NJA.
F) The 10% rate (plus the 2% or 5% surcharge, as applicable, and the 3% cess) applies to royalties and technical services fees paid to foreign companies by Indian enterprises. However, if the royalties or technical services fees paid under the agreement are effectively connected to a permanent establishment or fixed place of the non-resident recipient in India, the payments are taxed on a net income basis at a rate of 40% (plus the 2% or 5% surcharge, as applicable, and the 3% cess).
G) Unabsorbed depreciation may be carried forward indefinitely to offset taxable profits in subsequent years.
Sujit Ghosh is the national head and managing partner of Advaita Legal. In the last year, the following tax professionals have joined the practice: Thej Aravapalli, Yashaswi Kant Sharma, Tushar Joshi, Abhishek Garg and Shrey Bharadwaj.
A feature of the firm's litigation strategy has been the use of administrative law and constitutional law principles in challenging proceedings instigated against its clients. Advaita Legal also provides strategic advisory services to its clients on the legal and regulatory framework affecting their various operations.
It has advised infrastructure companies on issues arising from GST and made representations on its clients' behalves. The Indian government accepted one suggestion, which was a result of the representations and incorporated it in the revised model GST law in November 2016.
In 2017, the practice advised Dish TV in a corporate tax matter concerning the applicability of provisions pertaining to PoEM and GAAR under the Income Tax Act 1961.
Shah Shreyas is a partner at Ambalal Thakkar & Associates. His taxation experience includes business restructuring, transaction structuring and business valuation. He has previously worked with KPMG. Anuj Shah is a chartered accountant article assistant with the firm. He handles direct and indirect taxation matters.
Amit Maheshwari is the head of the tax practice at Ashok Maheshwary & Associates. The firm comprises three partners and 50 other fee earners. Rakesh Jain, Mami Sakani, and Sam Ou joined the practice in 2017.
The tax services that the firm offers include tax advisory, tax compliance, litigation, tax assessments, and M&A. The firm's clients include MNEs from a variety of industries.
Ashok Maheshwary & Associates is a member of international alliances including Leading Edge Alliance (LEA) and TPA Global Group (TPA). LEA covers 106 countries with 2,000 experts. TPA provides tax services including tax valuation to clients globally.
Milind Kothari and Amit Sarkar lead the tax department at BDO India. Kothari is the managing partner and the head of the direct tax practice and Sarkar is the head of the indirect tax practice. The practice comprises 19 partners and 217 other fee earners.
The tax department gives integrated advice to clients on entering and doing business in India. It also advises international companies that foster cross-border investments on tax and regulatory matters. These matters cover the companies' inception and risk mitigated growth.
BDO India has advised delegations from the London Mayor's Office (Greater London Authority) in the UK. It has partnered with associations including UK Trade & Investment and US Commercial Services. It advises the clients of these associations that are based in India.
In the last year, the practice advised a US-based private equity fund on the acquisition of an Indian company.
Gokul Chaudhri and Rajeev Dimri lead the tax department at BMR Advisors. Chaudhri is the leader for the direct tax practice and Dimri is the leader for the indirect tax practice. The tax department comprises 22 partners and 268 other fee earners. The tax professionals that have joined the firm in the last yaer are Nimisha Chaudhary, Nitesh Kancharla, Nikhil Gupta, Manali Agarwal, Lakshmi Pavan and Sheena Sareen.
The tax department offers tax, M&A and risk advisory services for businesses. In M&A, the practice combines its business and commercial insights with financial, fiscal and regulatory knowledge.
In the last year, the firm assisted an MNE on the setting up of business, capitalisation, operating frameworks from a tax perspective, support on transactions and review of technical positions on taxability.
The practice is also advising an MNE on the implementation of GST for its business operations in India.
As first reported by International Tax Review in July, the tax practice of BMR Advisors is set to combine with fellow tier 1 firm Deloitte. It is expected that the combination will be completed by the end of September 2017.
S R Patnaik is the head of the tax department at Cyril Amarchand Mangaldas. The practice provides clients with tax advice on tax structuring, transactions and disputes.
The practice's employees advise international investors on their investments and businesses in India. They also assist domestic investors who want to engage in outbound investments.
The practice cooperates with its corporate teams when advising clients on M&A in India. Other tax services that the practice offers include tax treaty interpretation, international taxation, service tax and GST. The firm also represents clients before the tax authorities, courts and tribunals in India. Patnaik advises clients on direct tax matters including international taxation and corporate taxation. These clients come from a variety of sectors, including infrastructure, pharmaceuticals, banking and private equity.
Vipul Jhaveri is the head of the tax practice at Deloitte. The practice comprises 66 partners and 1,234 other fee earners across various locations. The tax professionals who work in the practice come from a variety of backgrounds. They include tax practitioners, management graduates, economists and ex-revenue officials. Some of the tax professionals have worked in various network offices across the globe.
The practice provides services in relation to all aspects of the tax spectrum. These tax services include M&A, international tax, indirect tax, global employer services and business taxation.
Regarding India's implementation of GST, the practice provides end-to-end solutions comprising tech, compliance and advisory services. The Indian government has selected Deloitte as one of the 34 GST Suvidha Providers for the GST network. The firm has developed a customised eLearning programme to help its clients prepare for GST implementation.
In the last year, Deloitte's tax practice represented a global hospitality company before revenue authorities in complex penalty proceedings. The practice has also advised a US-based equity company on the $825 million acquisition of shares in a listed Indian company.
Deloitte expects to complete the combination with the BMR Advisors tax practice by the end of September 2017.
The tax professionals at DHC advise clients on tax issues including direct and indirect taxation. They also advise clients in relation to regulatory services. This includes advice on structuring, regulatory investigations and compliance. V B Haribhakti is DHC's chairman emeritus, and has been with the firm during its 60-year history. He has served as a government-appointed independent director in public sector banks and other enterprises. Haribhakti has been a member of several committees and professional bodies, including the Sales Tax Enquiry Committee by the state government of Maharashtra and the managing committee of the Apex Chamber of Commerce. Shailesh Haribhakti is the group chairman at DHC. Dilip Desai is the firm's chairman. Desai is a chartered accountant whose expertise includes corporate finance and advisory and corporate taxation. He also advises clients in M&A and corporate restructuring. Manoj Daga is the firm's group CEO. He has more than 17 years of experience in accounting and assurance services.
Dinesh Kanabar is the head of the tax department at Dhruva Advisors. The practice comprises 20 partners and 150 other fee earners. In the last year, 10 tax professionals joined the practice at partner and principal levels. The joining partners included Umesh Gala, Mahip Gupta and Pratik Shah.
The practice has offices in Mumbai, Ahmedabad, Bengaluru and Delhi. Dhruva Advisors began its operations in Singapore in 2016. The firm has also begun operating in Dubai.
Dhruva Advisors works in dispute resolution and its practice handles complex tax matters in India.
The firm works with the Indian government and industrial bodies on policy matters. Kanabar serves as the chairman of the taxation committee of the Federation of Indian Chambers of Commerce and Industry (FICCI).
In the last year, Gala and Mehul Bheda advised a client in a corporate tax matter valued at $9 billion. The matter concerned the consolidation of promoter shareholdings of a company in India.
In another case, Kanabar, Rakesh Dharawat and Hariharan Gangadharan assisted an international client in a tax dispute. The matter involved devising strategies for resolving long-standing capital gains disputes. A client described Dhruva Advisors as "top notch", adding that they would "definitely recommend" the firm.
Rohit Jain and Nishant Shah lead the tax practice at Economic Laws Practice. The practice comprises 19 partners and 90 other fee earners. In 2017, Adarsh Somani joined the firm.
The services that Economic Law Practice provides include both indirect and direct taxes, and cover the entire spectrum of transactional, advisory and litigation work. The practice has engaged in the change from the present indirect taxes system to the new GST regime. In relation to GST, the practice offers the following services: impact analysis, transition period hand-holding services, assistance in systems reconfiguration, contract or agreement amendments, vendor and customer renegotiations and government advocacy or representation. The practice is handling more than 15 GST assignments for industry houses and multinational corporations.
In 2016, the practice represented Trans Asian Shipping Services in a case before the Supreme Court in India. The practice won the case, ensuring that the client would benefit from the tonnage tax scheme in respect of its slot charter operations.
Sudhir Kapadia is the national tax leader of the tax department at EY. The practice comprises more than 117 partners.
EY provides technology-led tax advice around corporate income tax, indirect tax and tax controversy. The GSTN has approved EY as a GST Suvidha Provider.
The firm's tax policy group comprises experienced professionals including former senior government functionaries, and academics. The Indian government has accepted EY's policy advisory group's suggestions on tax matters. Rajiv Memani is EY's chairman and regional managing partner for the India region. He represents the firm on the Easwar committee.
The practice also specialises in tax controversy and litigation. In relation to this, as of March 31 2017 it has filed for 273 APAs. It has concluded 51 APAs, 45 of which were unilateral and six of which were bilateral.
EY's tax performance advisory group has tax, risk and IT experts who assist clients in improving their end-to-end business processes to drive tax function performance.
G.M. Kapadia & Co. has 15 partners and five locations across India. The firm advises clients on direct tax matters. This includes domestic and international tax planning. It also includes representing clients before tax authorities. The practice assists clients with indirect tax matters including VAT and service tax. Ashwin Damania is the leader of G.M. Kapadia & Co.'s direct tax practice. Damania has more than 25 years of experience in relation to taxation and foreign investment. He assists clients with domestic and international tax compliance issues. Viren Thakkar is the leader of the firm's indirect tax practice and he has more than 15 years of experience in this area. Thakkar advises clients on compliance matters and filing under service tax and VAT legislation. Manoj Dixit has been with the firm for 20 years and his expertise includes corporate and individual taxation, expatriate taxation and income tax assessments and proceedings.
Vikas Vasal is the head of the tax department at Grant Thornton. The practice has 32 partners and directors, as well as 338 other fee earners.
Vasal is among 12 tax professionals who have joined the firm since 2016. He has more than 20 years of experience in tax and regulatory services. He has worked with clients in India and the US. R Sridhar is a qualified secretary and has 19 years of experience in tax and regulatory matters. Before joining Grant Thornton, Sridhar worked at LeapRidge Advisors, a boutique consulting firm. While he worked there, he was the head of the tax, regulatory and M&A functions.
In the last year, the firm advised a client regarding an inbound structuring assignment. The practice had to evaluate the client's existing structure and highlight any implications from a tax and regulatory perspective. It also had recommend alternative structures. The firm's priority was keeping the client's business in mind.
The tax practice at HSA Advocates advises its clients on a range of tax issues. These tax issues include direct and indirect tax, customs and excise, and foreign trade policy. Its clients include several Fortune 500 companies. The tax practice complements the firm's other practice areas.
Jairaj Purandare is the leader of the tax practice at JMP Advisors. The practice comprises three partners and 14 other fee earners. Since May 2016, 13 tax professionals have joined the firm including Pooja Mhatre, Rajesh Athavale, Pinky Shah, Mahesh Rathi, Bhakti Shah and Suraksha Rawlani.
The practice advises clients on a range of tax matters including international taxation, domestic taxation, M&A, indirect taxes and foreign investment consulting. Purandare has more than 30 years of experience in tax and business advisory matters. He has previously worked with Big 4 firms. He was also formerly the head of the tax and advisory practice at Andersen India.
The practice is advising a client that owns radio stations in India concerning the restructuring of its radio licenses into separate entities. An alternative structure was proposed from a tax and regulatory perspective, which resulted in savings in VAT for the company.
Milin Mehta is the head of the tax practice at K.C. Mehta & Co. The firm's tax services include corporation taxation, GST, international taxation and M&A. Mehta has more than 25 years of tax experience. He has advised clients on M&A, joint ventures and restructuring. Vishal Doshi handles statutory audits, financial due diligence, excise, service tax and tax audits. Chhaya Dave assists clients with tax audits and she is a leader of the firm's assurance and statutory audit practice.
Khaitan & Co's tax practice comprises seven partners and 14 other fee earners. The practice's direct tax partners include Daksha Baxi, Sanjay Sanghvi and Ajoy Kumar Gupta. Its indirect tax partners include Nihal Kothari, Dinesh Agrawal and Arvind Baheti. Since May 2016, Abhishek Rastoji, Rashmi Deshpande, Ritu Shaktawat have joined the firm.
The practice provides expert witnesses in international arbitration matters. In respect of litigation, the practice advises clients in proceedings pursuant to search and survey before the tax authorities and appellate authorities. The practice also represents clients on the taxation of offshore assets and defends clients in various jurisdictions in matters concerning exchange of information.
In 2016, the practice advised the Audax Group in its acquisition of Mobileum, which resulted in an indirect transfer of shares Mobileum's Indian subsidiaries: Mobileum (India) Private Limited and Mobileum Technologies Private Limited.
KPMG's tax practice comprises 75 partners and 1,964 other fee earners. In the last year, Amit Jain, Ajay Mehra, Kalpesh Desai and Ajit Jain joined the practice.
Girish Vanvari is a tax partner and the head of the tax practice. Vanvari has more than two decades of consulting experience. He advises on M&A deals and restructuring transactions in India on a year-to-year basis. He assists multinationals in India with the developing tax and regulatory framework in the country.
The services advised on by the practice include: international tax, regulatory services, deal advisory, M&A, permanent establishment (PE) issues, global mobility services and indirect tax. The practice advises clients from a range of sectors including financial services, technology, media and communications (TMT) and private equity.
V Lakshmikumaran is the founder and the managing partner of Lakshmikumaran & Sridharan. The firm was established in 1985 and employs more than 260 professionals. It has nine offices across India and an office in Geneva. The firm has a team of domain experts that advise clients on tax matters. These matters include GST, corporate taxation, VAT and international taxation.
Lakshmikumaran previously worked for the Inland Revenue Service for almost 10 years. Tax matters that Lakshmikumaran advises clients on include international taxation, VAT and foreign trade policy. For more than 28 years, he has represented clients in more than 30,000 litigations before the Indian courts, tribunals and quasi-judicial authorities. Lakshmikumaran's expertise includes the interpretation and the application of multi-lateral agreements at both domestic and international levels. V. Sridharan is a co-founder of the firm and a senior advocate. He handles indirect tax matters including VAT and sales tax. Manish Gaur is an executive partner at the firm's service tax litigation group. Gaur leads tax professionals in indirect tax matters.
The tax practice at Luthra & Luthra is an inter-disciplinary team that comprises lawyers, chartered accountants, company secretaries and tax specialists. The practice provides clients with advice on direct and indirect taxation issues. It assists clients across a variety of sectors including telecommunications, pharmaceuticals and real estate. The practice also represents clients before tax authorities and the courts.
Akil Hirani is the head of the tax practice at Majmudar & Partners. The practice comprises three partners and five other fee earners. The tax issues that the practice has advised clients on include: international tax treaty interpretation, direct and indirect taxation, M&A and tax disputes. The firm's clients include Bose Corporation, Grab Taxi and Nisso.
The practice is advising Lumiata regarding its Indian subsidiary. The transaction was complex due to the reporting structure of the company's employees in India: it carried the risk of creating a permanent establishment for the client in India. Another issue in the matter concerned the share valuation of the Indian subsidiary before the transfer. There was a tax risk that transfer of shares would be less than the fair value.
Rakesh Nangia is the head of the tax practice at Nangia & Co. The practice has seven partners and 168 other fee earners. Since 2016, 12 tax professionals have joined the firm. These professionals include Rahul Modi, Deepika Rawat, Sandeep Jindal, Pooja Arora and Vishal Mishra. Its members have experience working with the Big 4 firms. The firm has offices in Noida, Delhi, Gurgaon, Mumbai and Dehradun. It also has a network of associate offices in Singapore, USA, Germany, Austria, Switzerland and Dubai. Nangia & Co has experience advising MNEs and Indian conglomerates on tax issues including direct and indirect tax, M&A, audit and assurance and secretarial compliance. The practice represents clients across a range of sectors including TMT, oil and gas, IT and manufacturing.
Nishith Desai is the founder of Nishith Desai Associates and he leads the firm's tax practice. The practice advises clients on international tax issues. These issues include structuring complex transactions and developing business models. The practice works with law firms across the globe enabling it to provide its clients with an international perspective.
The majority of the firm's clients are located in the US and Europe. The firm's clients include Fortune 500 companies, financial institutions and Indian corporate houses. The practice represents clients across a range of sectors, including media and entertainment, infrastructure, banking and insurance. The clients that Nishith Desai Associates has advised include Marriott International, Morgan Stanley, Vodafone International and Prudential Pension.
The practice also represents clients in international tax litigation. When assisting clients with transaction structuring, the practice highlights any key tax controversy issues. Its members represent clients before tax authorities and in the courts.
Gautam Mehra is the tax leader of PwC's tax and regulatory services team. The firm advises clients in tax controversy and dispute resolution matters, and provides advice concerning corporate and international taxation, among other things. Its national network of tax professionals helps clients with tax regulations, compliance issues and building effective tax strategies. PwC also comprises more than 300 indirect tax professionals across India, who advise clients in indirect tax matters, including VAT, service tax, free trade agreements and foreign trade policy. PwC provides a range of services in relation to the new GST legislation. The practice assesses the readiness of business for GST by offering a three-tier analysis on tax, technology and supply chain assessments. PwC uses technology to assist clients in the filing and compliance aspects of GST.
Mehra provides tax advice to clients on financial services and private equity matters. He speaks at seminars in India and abroad. He is also a media contributor. Mehra serves as a member on the Expert Advisory Committee of the Institute of Chartered Accountants of India.
Another key partner at the firm is, Abhishek Goenka, whose expertise covers international taxation, corporate finance and tax law.
Pradeep Dinodia is the managing partner the tax practice at S.R. Dinodia & Co. He has been the head of the practice since 1978 and he specialises in litigating direct tax matters. Dinodia is a senior counsel at the Income Appellate Tribunal.
The practice comprises more than 100 people. It also includes three generations of the same family: Dinodia, Sandeep Dinodia and Pallavi Dinodia. The firm advises clients on direct tax and litigation.
Pallavi Shroff is the head of the tax practice at Shardul Amarchand Mangaldas & Co. The practice comprises three partners and seven other fee earners. The practice's expertise spans transaction tax, litigation and tax structuring and advisory. The firm's lawyers and accountants work closely with other practices in the firm enabling its expertise to be developed across the different sectors. Its clients include Novartis, JP Morgan Chase and Vodafone.
The practice is advising HDFC Standard Life in relation to its merger with another company, Max Life. The merger would create one of India's largest life insurance companies. The firm provided advice to the client regarding the structuring of the business and the relevant documentation. The practice is also assisting the client with the negotiation of the tax positions that would be agreed upon by the parties to the transaction. In 2016, the firm advised Uber in its vehicle purchase and financing arrangement with Tata Motors, Tata Motors Financial and Tata Capital.
The tax practice at SKP Group comprises seven partners and 150 other fee earners. The services that the firm provides include transaction advisory and support services, and tax litigation.
Manish Shah is the head of the tax practice. Shah has more than 25 years of experience in corporation taxation and consultancy. He also has 13 years of experience in transaction advisory, business valuation and due diligence.
SKP Group has advised on the PE exposure of foreign clients entering into contracts with Indian customers. The firm also advises overseas companies on the acquisition or sale of Indian companies. This considers the tax impact analysis, due diligence, vetting the share purchase, business purchase agreement from a tax perspective and recommending changes or modifications.
In 2016, the practice advised an Indian subsidiary of a Japanese group on the possibility of constituting a PE of group entities in India.
TP Ostwal is the head of T.P. Ostwal & Associates. The firm provides a range of tax services including corporate law consultancy, audit and investigations, domestic taxation, international taxation and tax litigation. Ostwal's tax experience includes international tax issues and he advises clients in the real estate, technology, software and telecommunications and entertainment sectors. Jai Desai is co-founding partner of the firm and his clients include Indian and foreign MNEs. Indra Anand advises clients on direct taxation and international taxation matters. Anand also represents clients before the revenue authorities in tax assessments and appellate proceedings.
Himanshu Sinha is the head of the tax practice at Trilegal. The practice comprises two partners and six other fee earners. Since May 2016, Shagun Arora and Manan Jain have joined the firm. The practice members include lawyers and chartered accountants that have previously worked for Big 4 firms. Trilegal advises clients on tax matters including indirect tax, corporate tax, M&A, disputes and compliance. The firm's clients include Samsung India Electronics Limited, Hewlett Packard and Vice Media. In 2016, Sinha and Ayush Tandon advised Appirio when it was acquired by Wipro. This matter involved the Trilegal practitioners assisting the client with the analysis of various tax structures and their implications. In the same year, Sinha, Jain, and Vrinda Tulshan represented National Enterprise before the High Court.
Vispi Patel is the head of the tax practice at Vispi T. Patel & Associates. Patel is supported by five other fee earners.
The services provided by the practice include corporate tax, tax disputes and tax compliance. Patel has more than 30 years of professional tax experience. He represents clients in tax matters before the revenue and appellate authorities. The firm advises clients from a range of sectors including financial services, oil and gas, pharmaceuticals and IT. In 2016, Patel and Visharia represented a client before the Income Tax Appellate Tribunal. This tax matter concerned the characterisation of capital gain on the sale of shares and securities instead of business income. In the same year, Patel and his colleagues advised a client on the tax implications on foreign currency option contracts.
|Tier 1 - India|
|BMR Advisors, Taxand India|
|Tier 2 - India|
|Cyril Amarchand Mangaldas|
|Economic Laws Practice|
|Khaitan & Co|
|Lakshmikumaran & Sridharan|
|Nishith Desai & Associates|
|Shardul Amarchand Mangaldas & Co|
|Tier 3 - India|
|Ambalal Thakkar & Associates|
|Ashok Maheshwary & Associates|
|Luthra & Luthra|
|Nangia & Co|
|T.P. Ostwal & Associates|
|Tier 4 - India|
|G. M. Kapadia & Co|
|K.C. Mehta & Co|
|Majmudar & Partners|
|S.R. Dinodia & Co|
|Vispi T Patel & Associates|