Mumbai, Maharashtra, India: Twenty-four-year-old CA Harsh Patel was honored with Dr. Babasaheb Ambedkar Nobel Award (BANA) 2018 by the International Human Rights Council (IHRC). IHRC is one of the leading international and independent organizations dedicated to defending and protecting human rights.
Every year BANA award is organized by IHRC and presented to people who have done excellent work in their respective fields and in social services. In pursuance of that, Mr. Harsh Patel was nominated by their Board suo moto.
On occasion of receiving this award, Mr. Harsh Patel shared his views on various aspects of Investment, taxes, GST, Opportunity to CA firms. “Founding Father of the USA, Benjamin Franklin said ‘An investment in knowledge always pays the best interest’ and based on his same knowledge base philosophy today we see to the most powerful economy of USA. Fortunately after Independence of India today we are observing lots of financial literacy & inclusion programs started by Hon’ble PM Narendra Modi and his Government,” he said.
Mr. Harsh Patel, who is also director of USA based International Taxation & Accounting firm, Water and Shark, said on Chartered Accountants Day at Delhi Hon’ble PM Narendra Modi appreciated that CA’s have a great role in making laws, code, tax structures; and like the role lawyers played during the freedom struggle, CAs should play in the Indian economy today.
PM Modi also said that Indian CA firms should go International by 2022. Being a young chartered accountant from India, Mr. Patel had a vision of creating a multinational structure for accounting and consulting firms. His vision is to create a platform similar to Multinational Accounting firms like Big4 for young Indian and other countries CAs/CPAs and consulting firm.
“Now it’s time for Indian CA firms to go global because of increasing demand for Indian Chartered Accountants. Not only the international business but also many Indian companies willing to start their business operations at Dubai, Singapore, Canada, Norway, USA, Mauritius etc. for the purpose of export promotion, tax saving, International fundraising & this case Indian CA firms have great opportunity & role,” said Harsh Patel. He added, “UAE also introduced value added tax (VAT) from January 2018 which is more or less similar to GST adopted in India and in coming time we shall see that other countries will also enact VAT in its countries in line of GCC VAT Agreement between all Gulf Countries. This has led to a demand for Indian CAs to help businesses to understand the indirect tax system. In fact, Indian CA professionals find the tax in UAE much simpler than the Indian GST. Based on this information & could imagine how many thousands of CA would be needed in Gulf Countries.”
Mr. Harsh has been trying to ask Indian Firms to be opportunistic by going international, not only in numbers but by standards as well. He believes that CA firms will make good business for themselves and will bring lots of foreign currency into India, will change business dynamics by helping to bring foreign funding for Indian companies.