𝗜𝗖𝗔𝗜 𝗰𝗹𝗲𝗮𝗿𝘀 𝘄𝗮𝘆 𝗳𝗼𝗿 𝗖𝗔𝘀 𝗶𝗻 𝗚𝗜𝗙𝗧 𝗖𝗶𝘁𝘆!

I had attended the GCC Summit conducted by ICAI at GIFT City, where an important announcement was made that opens global opportunities for our profession.

🔑 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:
𝟭. 𝗠𝗶𝗿𝗿𝗼𝗿 𝗙𝗶𝗿𝗺𝘀 𝗔𝗹𝗹𝗼𝘄𝗲𝗱
• CAs can now set up 𝗺𝗶𝗿𝗿𝗼𝗿 𝗳𝗶𝗿𝗺𝘀 𝗶𝗻 𝗚𝗜𝗙𝗧 𝗜𝗙𝗦𝗖 without losing exclusivity of their domestic firms.

𝟮. 𝗧𝘄𝗼 𝗖𝗢𝗣𝘀 (𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗲𝘀 𝗼𝗳 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲)

  • CAs can now hold 𝘁𝘄𝗼 𝗖𝗢𝗣𝘀:
    • One in India
    • One abroad (UK, Australia, Canada, New Zealand, etc.)
  • Earlier, this was not allowed to avoid conflict in RBI & CAG empanelments.

𝟯. 𝗦𝗰𝗼𝗽𝗲 𝗼𝗳 𝗪𝗼𝗿𝗸 𝗶𝗻 𝗚𝗜𝗙𝗧 𝗖𝗶𝘁𝘆

  • CAs can offer 𝗕𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴, 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴, 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 & 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 (𝗕𝗔𝗧𝗙) 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 globally from GIFT IFSC.

𝟰. 𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 & 𝗚𝗹𝗼𝗯𝗮𝗹 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻

  • This move will create 𝗻𝗲𝘄 𝗲𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 in GIFT City.
  • Strengthens India’s role as a 𝗴𝗹𝗼𝗯𝗮𝗹 𝗵𝘂𝗯 𝗳𝗼𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗻𝗱 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀.

📈 𝗪𝗵𝘆 𝗜𝘁 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

  • India currently has 𝟰.𝟱 𝗹𝗮𝗸𝗵 𝗖𝗔𝘀.
  • By 𝟮𝟬𝟰𝟳, demand is expected to touch 𝟯𝟬 𝗹𝗮𝗸𝗵 𝗖𝗔𝘀.
  • This reform ensures:
    ✅ Growth opportunities for CA firms
    ✅ Global expansion while retaining domestic practice
    ✅ Stronger positioning of GIFT City as an international financial hub

This reform will be empowering CAs to practice globally, expand through GIFT City, and contribute to India’s vision of becoming a 𝗴𝗹𝗼𝗯𝗮𝗹 𝗹𝗲𝗮𝗱𝗲𝗿 𝗶𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀.

Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked...