Taxes and Financial Services Industry – Mumbai

A business program on Taxes and Financial Services Industry Emerging Landscape in India was organized by Achromic Point in Mumbai on 10th June 2011 at the Hotel Intercontinental The Lalit.

The Indian Financial Services Industry has seen great vibrancy since liberalization in the early 1990s despite the global financial meltdown. the FSI today has a mix of domestic as well as international players. There are various indicators of the growth demonstrated by the FSI including the ever increasing number of branches of banks and insurance companies.

After, the economic crisis, there has been consolidation and reorganization in the FSI sector to strengthen the financial landscape. The recent grant of new licenses for the MF business and the discussions on entry of new players in the banking space would lead to further expansion of the FSI sector.

The related taxes are expected to keep pace with the growth witnessed by the FSI sector. Mumbai being the nerve centre for the FS sector contributes the largest chunk of the tax collections, both in respect of direct and indirect taxes. The increasing complexity of transactions and the varied transactions have led to quite a few tax issues for the FSI sector.

The workshop was designed to make an analysis of various aspects of taxation pertaining to FSI, focusing on Recent Developments in Service Tax, Indirect Tax related to FSI, Direct Taxes related to FSI, current Transfer Pricing Trends and the proposed Goods & Services Tax for FSI sector.

– Aashish Verma, Co-Founder & Director, Achromic Point

Deloitte was the knowledge partner for this seminar. Mr. M S Mani and Mr. Prashant Deshpande, along with other speakers from Deloitte gave insightful presentations which were attended by top decision makers from various corporate like Pricewaterhouse Coopers Pvt. Ltd., Tata Capital, Societe Generale, BNP Paribas Ltd., BMR Advisors, UTI Asset Management Company Ltd., DSP Merrill Lynch Ltd, among many other corporate.

Covering the many aspects of tax issues related to the Financial Services Industry in India, the seminar organized by Achromic Point was a great success in the financial capital of the country.

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