Deloitte eyes No. 1 Position in Indirect Tax Consulting

economic growth slows to 6.9 per cent Amarchand Mangaldas to open offices in Chennai Ahmedabad & Pune US closes its embassy in Syria Sudha Sharma appointed as Member of CBDT Rupee hits a high of 48.73 against Dollar Laxman Das is Officiating Chairman of CBDT Tariff Value for import of gold is 556 & for silver 1067 & for Brass Scrap 4078 & for poppy seeds 2205-Customs Non-Tariff Notification No. 10 Fused Silica is classifiable under Tariff Item 32074000-Customs Circular No.3 Additional Commisssioner of Income Tax HA Siddiqui sentenced to 4 years imprisonment for accepting bribe of Rs 1 Lakh by CBI Court in Delhi HC upholds levy of service tax on booking of flats-The explanation which was inserted by the Finance Act of 2010 clearly brings within the fold of taxable service a construction service provided by the builder to a buyer where there is an intended sale between the parties whether before, during or after construction Authority for Advance Ruling rules super concentrates shall be classified as products of the chemical industry under heading 3824 90 90 of Customs Tariff Anti dumping duty imposed on import of Morpholine from China European Union & USA Anti dumping duty imposed on import of Geogrid/Geostrips/ Geostraps made of polyester or Glass fiber in all its forms from Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012 notified-Customs Non-Tariff Notification No.5 Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012-Customs Non-Tariff Notification No.6 Safeguard duty at the rate of 10% ad valorem notified on import of Phthalic anhydride, falling under tariff item 2917 35 00-Customs SG Notification No.1 Customs duty on import of Gold, Silver, Cut & Polished Diamonds hiked Customs duty to be charged at the rate of 2 per cent of Tariff Value on gold and 6 per cent of Tariff Value on silver Tariff Value for import of gold & silver notified-Customs Non-Tariff Notification No.3 Anti-dumping duty on imports ofSilk fabrics 20-100 gms per metre, falling under heading 5007 originating in, or exported from, China-CustomsTariff Notification No. 2 Anti-dumping duty imposed on imports of Nylon Filament Yarn, falling under Chapter 54 ,originating in, or exported from, China, Chinese Taipei, Malaysia, Thailand and Korea RP-Customs TariffNotification No.3 Anti-dumping duty imposed on import of Phosphoric Acid of allgrades and all concentrations (excluding Agriculture/Fertilizer Grade) ,falling under tariff item 28092010, originating in, or exported from, Israel and Taiwan-Customs Tariff Notification No.4 Anti-dumping duty on imports of Cellophane Transparent Film , falling under Chapter 39 , originating in, or exported from, China-Customs TariffNotification No.5 Anti-dumping duty onimports of Saccharin, falling under Chapters 29, 30, 33 and 38 ,originating in, or exported from, China-Customs Tariff Notification No.7 Special Bench of ITAT rules the appellant is not entitled to set off carry forward business loss against the long term capital gain arising on sale of land used for the purpose business ITAT rules Long Term and Short Term gains / losses on sale of equity shares under Portfolio Management Scheme is business income and not Capital Gains HC rules the opinion of the AO may have been legally erroneous but this cannot be a ground for initiation of re-assessment proceedings Anti-dumping duty on ‘Caustic Soda’, originating in, or exported from, Saudi Arabia, Iran, Japan, USA & France-Customs Tariff Notification No.1 Cost Accountants can issue Certificates for the purpose of refund of 4% CVD-Customs Circular No.1 Customs duty on import from ASEAN nations lowered- Customs Tariff Notification No.127 deeper tariff cut on import from Malaysia notified- Customs Tariff Notification No.128 deeper tariff cuts on import from Korea notified- Customs Tariff Notification No.123 deeper tariff cuts on import from Srilanka & Pakistan under SAFTA notified- Customs Tariff Notification No.125 Schedule of Rates for Service Tax Refund to Exporters notified in supersession of Notification No.17/2009-Service Tax Notification No. 52 Customs duty on import of several products from specified countries lowered-Customs Tariff Notification No.113 Anti-dumping duty on ‘Sodium Hydrosulphite (SHS)’, falling under headings 2831 and 2832 , originating in, or exported from, China PR- Customs Tariff Notification No.111 CBEC specifies documents required for Registration of ServiceTax Customs duty on import of 532 Products from Singapore lowered-many products exempted from duty-Customs Tariff Notification No. 106 Government allows Rebate of excise duty on export of goods to Nepal under ARE-1 Procedure w.e.f. 1st March 2012-Central Excise Non-Tariff Notification No.24

JUDGMENTS

CENTRAL EXCISE

CUSTOMS

exchange rate

SERVICE TAX

INCOME TAX

VAT

FINANCE ACTS

FINANCE BILLS

EOU STPI

SEZ

DGFT

RBI

NTT

RESOURCES

Email | Print

Deloitte eyes No. 1 Position in Indirect Tax Consulting

AIT News Network

MUMBAI. Indirect Tax Practice has become a goldmine for Consulting Industry with more and more MNCs setting up manufacturing or servicing base and SEZ in India and the Consulting Companies have become aggressive in shift of their strategy to garner bigger slice of the cake of the field.

Deloitte which was considered No. 4 in Indirect Tax Practice some time back is growing at a pace faster than its competitors by picking right people at the right time and is now eyeing No. 1 Position by its aggressive hiring strategy and induction of several experts in its fold.

Atul Gupta an ex-IRS Officer and Top Indirect Tax Expert has been inducted as Partner-cum-Executive-Director(Indirect Tax) in Delhi while Prashant Deshpande PWC’s face in Mumbai for last several years has been inducted as Leader-cum-Executive Director in Mumbai. Many more Indirect Tax Experts are set to join Deloitte in next few months and it may double the number of experts in a short time.

Till now Deloitte had only one Partner(Indirect Tax) Thirumalai who is based in Hyderabad. With the Practice growing and the field opening ; the induction of more Partners was part of the strategy to grow at a faster pace.

Even other Consulting Companies who have only one or two Partners in Indirect Tax Practice have decided to induct many more Partners as the sole Partner is traveling 4 days in a week and cannot handle the growing demands of the clients. Placement Agents have already been sounded by the Companies to look for Partners in places like Chennai, Bangalore, Kolkata, Pune, Hyderabad and Ahmedabad on compensation ranging from Rs 1 Crore to Rs 2 Crore Per Annum.

Further, Top Management of some companies have a new thought that there is no point in paying Rs 4 Crore Per Annum to a Partner who is sharing the profit of whole India’s Practice when 4 Partners can be hired in 4 Crore and they can be stationed in 4 Metros and in turn the Practice can also grow proportionately.

Over dependence on limited Partners also costs the Companies heavily as it exposes itself to the risk of the Partner moving out to its competitor with his team and the clients.

But Indirect Tax field is very exclusive field and it is not easy to find a Domain Expert of the field who can handle the clients on his own. Some Companies have relaxed all the rules of recruitment and are open to hiring Candidates without any Professional Degree as Partner as positions can not be left vacant and the Company needs faces for presenting to its clients . A Big 4 Consulting Company hired a Candidate without any Professional Degree as Partner-cum-Executive Director(Indirect Tax) on package of Rs 1.5 Crore Per Annum for providing Professional Advisory Services to its MNC clients. No matter if the candidate is not eligible to appear before any service tax, central excise or customs authority as a Consultant; he can still appear as a Consultant before his MNC clients who are not going to ask for his degree. For appearing before the authorities others can be hired. The job profile given to the candidate includes interviewing and hiring 6 dozen Professionals for the Company and giving Opinion on legal and technical issues to its clients.

Related Stories: