There should be tax relief in budget as consumption slump is widely admitted: Dinesh Kanabar
budget, the spotlight is on tax reforms and their impact on economic growth, boosting consumption and attracting foreign investment. Dinesh Kanabar, tax expert and CEO of Dhruva Advisors LLP, shares his perspective in a discussion with ET. Edited excerpts:
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Dhruva Advisors has completed a decade. What has the journey been like?
We completed 10 years on October 31. When we started, our idea was to create a domestic tax firm which is at least equal to what the 'Big Four' provide in terms of quality of service in a premium market. We started with some of the largest business houses and multinational companies like IBM, Visa, Sony, Reliance, Adani, and JSW, among others. We are now a team of about 450 people, with seven offices in India and three overseas offices in Dubai, Abu Dhabi and Singapore. We are the only Indian law firm with an overseas office where we practice the local law. For five years in a row (2017-2021), we won 'India Tax Firm of the Year' at the International Tax Review Asia Tax Awards competing with the 'Big Four'.
How do you see India's taxation scene?
In India, the one big challenge is litigation. It starts at the officer level and then it goes all the way to the Supreme Court. That means that you are looking at a 15-18-year journey before you get a solution. And no client has the ability to spend that much
