PRASHANT GANDHI

Responsible for managing the India Tax Function for all Group Companies, covering Direct Tax, International Tax, Transfer Pricing, GST, and legacy Indirect Taxes including Excise Duty, Service Tax, VAT, and Sales Tax. Reporting to the Managing Director with functional reporting to Group Tax, Sweden.

Direct Tax & Transfer Pricing

• Develop and implement tax strategies aligned with business objectives while ensuring full compliance with applicable tax laws and regulations.
• Lead the Direct Tax function covering Corporate Tax, International Tax, Transfer Pricing
• Delivered strategic tax advisory and led due diligence for mergers, acquisitions, demergers, business reorganisations, and corporate restructuring initiatives, enabling tax-efficient transaction execution, risk mitigation, and regulatory compliance
• Drive tax-efficient business models and transaction structures to optimise the overall tax cost and enhance business value.
• Oversee corporate tax and transfer pricing compliance, ensuring timely and accurate statutory filings.
• Manage tax accounting, provisioning, reporting, deferred tax computations, and disclosures in accordance with Indian GAAP and IFRS requirements.
• Lead tax risk assessment initiatives and establish robust control frameworks to identify, mitigate, and monitor tax risks across the organisation.
• Represent the Company before tax authorities and manage tax litigation at various appellate levels till the highest forum including alternative dispute resolution mechanisms such as APA, MAP, and Advance Rulings.
• Partner with internal stakeholders, external consultants, auditors, and government authorities to resolve complex tax matters and achieve favourable outcomes.
• Lead tax support for statutory audits, internal audits, IFRS audits, and due diligence reviews, including review of tax provisions, contingent liabilities, and litigation disclosures.
• Spearhead tax transformation and process improvement initiatives to enhance compliance efficiency, reporting accuracy, and operational effectiveness.
• Support Group Tax in global tax reporting, transfer pricing policies, international tax matters, and implementation of group-wide tax initiatives.

Indirect Tax (GST, VAT, Excise & Service Tax)

• Supervise GST compliance, assessments, departmental audits, investigations, notices, summons responses and litigation matters while ensuring strong governance and process controls.
• Advise business stakeholders on tax-efficient transaction structuring and optimisation of tax costs.
• Manage GST and indirect tax litigation with a strong track record of favourable outcomes.
• Spearhead GST implementation projects in coordination with internal and external stakeholders.
• Review business processes to strengthen controls to ensure indirect tax compliance and risk mitigation.

Key Achievements / Value Contribution

• Optimised tax costs through proactive planning and transaction structuring while maintaining full regulatory compliance.
• Established strong tax governance frameworks and internal controls, enhancing risk management and compliance standards.
• Successfully managed significant tax litigations, achieving favourable outcomes and minimising business exposure.
• Played a key role in M&A transactions, restructuring projects and tax initiatives, contributing to business growth and operational excellence.
• Ensure full compliance with applicable tax laws while optimising the overall tax cost of the business.
• Establish and strengthen tax governance frameworks, policies, controls, and compliance processes.
• Build effective partnerships with business leaders, auditors, consultants, legal advisors, and tax authorities.
• Provide proactive, practical, and timely solutions to internal stakeholders and government tax departments.
• Drive business value creation through tax-efficient structures, process improvements, and strategic tax planning initiatives.
• Lead a culture of compliance, risk management, and continuous improvement within the tax function.

Group Internal Audits:

• Executed internal audits for Atlas Copco Group companies, assessing finance and management processes, internal controls, compliance frameworks, risk management practices, and operational effectiveness while promoting continuous process improvement initiatives.

• Key member of a two-person tax team that managed the overall Direct Tax function for Cummins Group companies in India, overseeing corporate tax and transfer pricing compliance, assessments, tax litigation, and quarterly tax provisioning, including tax accounting and limited review support for listed and subsidiary entities.
• Major Contributions:
• Finalised tax audit and transfer pricing reports for Cummins India Limited and group companies, ensuring compliance and accuracy.
• Managed transfer pricing assessments for multiple entities to ensure compliance with regulations.
• Provisions for current tax, deferred tax and FBT as per Income tax Act and Accounting GAAP.
• Ensured finance, accounting, and legal compliance for a charitable trust under income tax, Bombay Public Trust Act, FCRA, and managed tax litigation.
• Cummins India Limited is a flagship subsidiary of Cummins Inc., USA, a Fortune 500 global power solutions leader. The company manufactures high-horsepower diesel and gas engines (200 HP to 4,200 HP) and caters to power generation, industrial, marine, rail, and automotive sectors across domestic and international markets.

• Managed overall accounts function, prepared and finalised financials, and conducted statutory and tax audits, ensuring timely resolution of issues and closure with statutory auditor.
• Executed advance tax workings and prepared and submitted income tax returns, ensuring compliance with regulations.
• Effectively managed Excise Audit by Excise department under EA 2000, VAT Audit.
• Ensured compliance with ROC formalities by managing annual return submissions and maintaining register of contracts under sections 297 and 299.

• Support in Corporate Tax Assessments, Audit Objections and Appeal effects.
• Preparation and finalization of Tax