The main source of revenue of any nation is its tax. For the economic development of a nation, it is vital to have a good taxation system. In 2017, after almost a decade of deliberation and discussion with the stakeholders, the Government of India finally announced the implementation of Goods and Service Tax. It is considered as a major taxation reform implemented in the nation since Independence. GST has brought in ‘one nation one tax’ system to India which is a major move towards strengthening the Indian economy. There is no denial that GST had met with a lot of obstacles and hurdles after its implementation, but the government has put in its best efforts to make GST a business-friendly tax.
Despite all this, there are numerous difficulties faced by taxpayers resulting in chaos while filing returns and refund applications. Here arises a need for strong financial guidance for various businesses. Founded in 1988, M. S. Chhajed & Co. is an Ahmedabad-based Chartered Accountancy firm which specializes in providing assurance, advisory and national and international tax services across various sectors.
The firm is dedicated to resolve multiple issues in the areas of transfer pricing, inbound and outbound investment advisory, FEMA & RBI guidelines, M&A advisory, business restructuring, business valuation, and statutory audit. The firm has best-in-class infrastructure and library in its corporate house with an office area of 12000 sq. ft. located in the heart of the city. In addition to the Partners, the firm has strength of 30 personnel including 5 professionals.
A Noteworthy Journey
The family of the founding Partner, CA Mahesh Chhajed, was in the real estate business. However, his father inspired him to pursue Chartered Accountancy and start his own firm- a firm with a stipulation to abide by the principles of integrity and transparency. Thus, M. S. Chhajed & Co is based on the foundation of integrity and transparency. In the initial days, Mahesh Chhajed spent more on books and periodicals than his quarterly earnings to underline the importance of knowledge upgradation.
Initially, the firm’s expertise was only in the areas of Direct Tax and FEMA Compliances. . However, the existing clients of the firm were keen and started approaching the firm to look after their indirect tax matters. In 2012, Hem Chhajed joined the firm as a qualified chartered accountant at a young age of 21. Under his leadership, the firm added the practice of indirect taxation to its portfolio of services. Considering the development of VAT and service tax laws and its impact in the real estate sector, the firm revolutionized itself to provide comprehensive solutions to its clientele base in the areas of Service Tax and VAT.
Under Hem’s aegis, the firm continued to build its expertise progressively and cautiously in the Indirect Tax System. By 2017, the firm was already representing some of India’s biggest industrial houses, real estate developers and service providers for excise duty, Gujarat VAT, service tax and luxury tax matters. On account of its extraordinary services, the firm is now considered an authority in indirect taxation in the upper echelons of taxation law.
A Profound Leadership
The Founder and Senior Partner of the firm, Mr. Mahesh Chhajed holds an ambitious, diligent and innovative personality with a keen eye for minute details. He is a fellow member of the Institute of Chartered Accountants of India and also holds a Bachelor in Law and Bachelor in Commerce from the Gujarat University. With three decades of experience and focused exposure, he is well known for his competence & innovation in the field of Direct Taxation and Corporate Re-structuring, FDI and FEMA Matters
Hem Chhajed is one of the main pillars of the firm and brings in legal acumen and professionalism in the business. He has authored ‘Handbook on Service Tax’ from 2014 till 2016 which is published by Navsarjan Publication. He has also been part of the Indirect Tax Committee with the Ahmedabad Branch of ICAI and and Indirect Tax Legal Representation team of Chartered Accountant Association of Ahmedabad. He is a regular contributor in a leading newspaper published in vernacular language. He has addressed seminars on GST for various forums like the Ahmedabad Branch of ICAI, Chartered Accountants Study Circle, the Builders Association of India, Jewelers Association, and Real Estate Developers Association. He is guest speakers and has taken various training sessions of the Central and State Government Officers on topics revolving around GST and Service Tax.
CA Mahesh Chhajed leads the direct tax and advisory team of the firm while Hem Chhajed leads the indirect tax practice of the Firm.
Under the tutelage of its passionate leaders, the firm has grown over the years on account of its personalized attention to each client, constant knowledge upgradation and ability to seize the right opportunities.
Splendid Professional Services
The firm is delivering exceptional services in the direct and indirect tax segment, and has its expertise in Taxation and Audits. Furthermore, the firm offers numerous tax advisory, appearance before tax authorities, litigation and advisory in matters involving international taxation, FEMA, PMLA, Prevention of Benami Property Act, Revenue law and Corporate Acts. It also offers numerous GST related services like Tax retainership, advisory, GST audits, GST Compliance review and checks, representation services before various tax authorities on behalf of any trade association, industry, etc., GST assessments, GST litigation i.e. appeals.
The firm has also spread its wings even in the field of litigation under direct tax laws, delivering litigation services for tax affairs before the Commissioner (Appeals), ITAT and CESTAT Commission and company law issues before NCLT.
In the field of real estate, the firm also provides consultancy services for Inland Revenue laws, the prohibition of benami property transaction act, PMLA and the real estate (regulation and development) act, structuring of real estate projects and drafting of commercial documents for the real estate projects including joint venture and development agreements.
Inimitable Methodologies
‘Keeping oneself updated’ is the key mantra which drives one ahead and makes one a successful leader. Hem abides by this mantra to deliver best-in-class indirect tax-related services. The firm keeps itself updated with the fast change in laws and tries to foresee the changes based on the recommendation made to the GST Council. This helps its clients to be equipped as well prepare in advance with the changes in the law. The firm also factors in the risk appetite of the client and encourages the clients to make an informed decision.
While dealing with GST implementation assignments, the firm ensured that the proper accounting processes were implemented and various compliance checks were put in place. Moreover, each of its clients has a point of contact at the Firm who can be approached to resolve their day to day queries. The firm conducts regular workshop and seminars for its clients to apprise them with the current developments and changes in the law. A newsletter is also sent to clients every fortnight to make them aware of any changes or any developments in the GST regime.
The firm was one of the front runners to start with GST awareness drive and advisory on GST implementation. The firm’s area of focus has always been that of advisory and litigation. Till this date, the firm’s clientele base is mostly from advisory and litigation assignments. The firm is also hired as a retainer by many MNCs and Industrial Houses in India. With a knowledge-centric approach and personalized attention along with strict adherence to timeline, the firm is providing niche GST services to its clients.
The Road Ahead
The indirect tax has been evolving very rapidly in the Country. While advising the budding entrepreneurs and the CEOs, Hem, says, “Focus on the structuring of any transaction and understand the tax impact on it. The importance of periodic GST compliance check and reviewing the tax positions regularly with the amendment in law must not be ignored”
Without any doubt, GST has been a game changer not only for the economy but also for businesses of various sectors. Talking about the future the founder says, “I don’t foresee compliance-driven practice, particularly restricting to return compliance, to be very relevant in coming years. GST being a new law, it shall take its own time to evolve. Hence, till then, the future of GST practice, for at least the next decade, would be litigation and advisory”
M. S. Chhajed & Co.: Delivering Excellence in the field of Direct and Indirect Taxes
