Project Report For Tax consultancy
The project report for Tax consultancy is as follows.
As per the recent study, the Indian tax consultancy industry expanded by 12% in the previous year, reaching roughly $7.8 billion in earning. Growth is anticipated to climb by 8% till 2020, reaching a value of about $9.3 billion, fueled by a rise in the need for tax assistance due to GST implementation.
Tax consulting is among the most profitable areas of the professional consulting services business. Tax advising services, bookkeeping, and other forms of accounting and auditing operations are included in this section. Because of the ever-changing aspect of tax rules and regulations, such activities stay vital.
Market potential & Strategy
The Big 4, comprised of PwC, Deloitte, EY, & KPMG, are the major participants in the worldwide consulting business, and this is also true in India. Deloitte, for instance, has around 75 partners in its Indian tax and consulting business, with 20 of them joining from KPMG in recent years. The new partners are part of Deloitte’s attempts to fight with EY’s tax consulting division in India, which presently has about 125 partners. Likewise, KPMG has 250 partners in its consulting business, with ambitions to recruit an additional 15-20 in the coming months.
PwC, the final member of the Big 4, has a pretty robust business with 113 partners and aims for significant expansion in the coming years.
BDO, Grant Thornton, and RSM are among the other significant consulting services organizations engaged in India’s tax advising market. BMR Advisors, Dhruva Advisors, and Nangia & Company are some of the major Indian businesses in the category. As these companies are considerably increasing their profits in India, the nation’s growth potential would be assisted more by the implementation of the Goods and Services Tax (GST). As per tax specialists in India, approximately 9 million firms are likely to be subject to the GST laws.
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