India-based GCCs lead global shift in tax operations, says Deloitte whitepaper; 76% handling cross-border functions
India-based Global Capability Centres (GCCs) have emerged as strategic hubs for multinational companies to manage complex global tax operations, including corporate tax, indirect tax, transfer pricing, and litigation, according to a whitepaper released by Deloitte India.
The report, titled Transforming Global Tax Functions: The GCC Advantage, highlights how GCCs are evolving beyond back-office functions to offer high-value tax expertise, driven by a combination of deep technical capabilities, digital transformation, and cost efficiency.
'GCCs have become an integral part of the global tax ecosystem, providing organisations with a competitive edge in managing their tax functions,' the whitepaper noted, as quoted ANI.
Authored by Manisha Gupta, Partner at Deloitte India, the report also points to a surge in the establishment of tax Centres of Excellence (CoEs) within Indian GCCs.
The findings reveal that 76 per cent of respondents surveyed already run global tax processes from their Indian GCCs, underscoring the country's growing significance in enterprise tax transformation. 'As more organisations pursue centralising tax functions, many have already established a tax CoE.
The focus is now on key tenets and building blocks for scaling these centres successfully,' the paper stated.
India's GCC ecosystem has rapidly expanded, with over 1,700 GCCs employing 1.9 million professionals and generating $64.6 billion in revenue as of 2024. The sector is projected to grow to $105 billion by 2030, housing more than 2,400 centres and employing 2.8 million people.
Key GCC hubs in India include Bengaluru, Hyderabad, Pune, Chennai, Mumbai, and the National Capital Region (NCR).
The whitepaper adds that nearly 40 per cent of all digital transformation projects are currently being executed through these centres.
The report also highlights a shift in GCC focus from data processing to knowledge processing, with newer entrants emerging from geographies such as Germany, the UK, Japan, and Nordic countries—signaling a diversification in global investment sources and functions.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
PM Modi to begin 3-nation tour from Cyprus today
File photo: PM Modi (Photo: ANI) NEW DELHI: PM Narendra Modi will travel to Cyprus on Sunday for the first leg of his three-nation tour that will see him participating in the G7 Summit in Canada and also visiting Croatia on his way back. Modi is also expected to have several bilateral meetings on the margins of the summit in Kananaskis. While the PM will have a meeting with his Canadian counterpart Mark Carney, his other bilateral engagements are still being worked out, official sources said. Modi will also come face to face with US President Donald Trump for the first time since their meeting in Feb. The ministry of external affairs said in a statement that the visit to Cyprus - the first by an Indian PM since AB Vajpayee visited the country in 2002 - will reaffirm the shared commitment of the two countries to deepen bilateral ties and strengthen India's engagement with the Mediterranean region and the European Union. The visit to Cyprus is significant also as it comes in the middle of India's tensions with Turkiye over the latter's support to Pakistan. Ankara's recognition of the so-called Turkish Republic of Northern Cyprus in the northern region that was seized by Turkish forces in 1974 and differences over gas exploration rights in the Eastern Mediterranean remain a constant source of tensions between Turkiye and Cyprus. Modi is expected to reach Canada on June 16, a day after the opening of the G7 Summit. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo This would be his sixth consecutive participation in the G7 Summit. "At the summit, the PM will exchange views with leaders of G7 countries, other invited outreach countries and heads of international organisations on crucial global issues, including energy security, technology and innovation, particularly the AI-energy nexus and Quantum-related issues," said the government in its announcement. For the final leg of his tour, Modi will undertake an official visit to Croatia on June 18. This will be the first ever visit by an Indian PM to Croatia, marking an important milestone in the bilateral relationship. "The visit to Croatia will also underscore India's commitment to further strengthening its engagement with partners in the European Union," said the government.
India Gazette
3 hours ago
- India Gazette
Under leadership of PM Modi, India is making premium global education available at affordable cost: Dharmendra Pradhan
Mumbai (Maharashtra) [India], June 14 (ANI): Stressing that the National Education Policy 2020 (NEP), envisions India as a global study destination, Union Education Minister Dharmendra Pradhan, on Saturday, emphasised that with this initiative, they aim to realise the vision of Prime Minister Narendra Modi to position India as a global knowledge hub. The Ministry of Education has taken a major step towards realising the goals of internationalisation of education as envisioned in the National Education Policy (NEP) 2020. In a ceremonial event titled 'Mumbai Rising: Creating an International Education City' held in Mumbai today, Letters of Intent (LoIs) were issued to five globally reputed universities from the United Kingdom, Australia, the United States of America and Italy. The establishment of the branch campuses of University of York, University of Aberdeen, University of Western Australia, Illinois Institute of Technology and Instituto Europeo Di Design (IED), Italy, reflects a deep and growing trust in India's education ecosystem and is a major milestone as we mark five transformative years of the National Education Policy (NEP) 2020. Speaking on the occasion, Union Minister Dharmendra Pradhan said that NEP 2020 envisions India as a global study destination, offering premium education at an affordable cost. He added that with this initiative, we aim to realise the Prime Minister's vision of positioning India as a global knowledge hub. 'India is encouraging top international universities to establish campuses here, while empowering Indian Higher education institutions to expand globally,' he said. Union Minister Pradhan further added that this initiative reflects a growing two-way movement of ideas, talent and trust. 'India is not just participating in the global education ecosystem; we are shaping it,' he asserted. Pradhan said that Maharashtra's leadership in enterprise and intellect, and with Mumbai Educity emerging as a city where finance and technology meet education and research, Mumbai/Navi Mumbai will bridge Indian aspirations and global excellence. He further said that we are not just inviting foreign universities; we are co-creating ecosystems of innovation, entrepreneurship and research. 'As we mark five years of implementing the NEP 2020, this milestone exemplifies the spirit of Sankalp se Siddhi, the journey from resolution to realisation. It strengthens our shared goal of empowering youth and enabling innovation-led growth through education leading to Viksit Bharat,' the Union Minister said. Maharashtra Chief Minister Devendra Fadnavis said that the swift issuance of LoIs reflects the speed and commitment of the Government. He thanked the PM for NEP 2020, which has a provision for foreign universities to be a part of the Indian education sector. The five universities, he noted, have added immense value to the State and NEP 2020 has truly opened doors for top global institutions to establish campuses in India. He further stated that talented Indian students who faced accessibility and affordability issues in pursuing foreign education can now do so in India at reduced costs. 'The Government aims to make accessible, global quality education across various domains and further talks are ongoing with 5 more universities,' Fadnavis stated. The LoIs handed over today allow the universities to establish their offshore branch campus in India. All five universities from UK, USA, Australia and Italy, receiving the LoIs are ranked among the top 500 in the QS World University Rankings, signifying strong global academic credibility. The University of Western Australia will establish two campuses, one each in Mumbai/Navi Mumbai and Chennai, reflecting the growing confidence of top institutions in India's regulatory and academic landscape. This is the first-time foreign universities will establish a presence in Mumbai/Navi Mumbai, with some expected to set up campuses in the upcoming Education City in Navi Mumbai under the UGC (Setting up and Operation of Campuses of Foreign Higher Educational Institutions in India) Regulations, 2023. The establishment of these university campuses in India will be beneficial for students, in terms of extending global course curriculum and study opportunities in India and for research, knowledge exchange, enterprise and engagement. Courses at the Mumbai/Navi Mumbai/Chennai campus will be offered at Undergraduate and Postgraduate levels in areas such as business, economics, computer science, public health, data science, design, and more. These are the disciplines that will drive India's development in the years ahead and shape the workforce of a 'Viksit Bharat.' The universities will launch more courses in the subsequent years of its operations in India. (ANI)
India Gazette
3 hours ago
- India Gazette
"India on track to become World's Third-Largest Economy by 2029": Union Minister Sarbananda Sonowal
New Delhi [India], June 14 (ANI): Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, on Saturday said that India is firmly on track to become the world's third-largest economy by 2029, crediting 11 years of Narendra Modi's 'decisive and corruption-free governance' for triggering what he described as an 'unstoppable surge' in national development. Addressing a press conference in Dibrugadh to mark the NDA government's 11th anniversary, the senior Bharatiya Janata Party (BJP) leader and Union Minister said that India has emerged from an era of 'policy paralysis and dynastic politics' and is now driven by welfare-led growth, youth-powered innovation, and massive infrastructure expansion. 'In just one decade, over 25 crore Indians have risen above poverty. That's more than the population of most European countries,' Sonowal said. 'This is the Modi guarantee -- delivery with speed, scale and honesty.' Highlighting the economic strides under the Modi government, Sarbananda Sonowal said India's rise to the fourth-largest global economy is just the beginning. 'By 2029, India will be the third-largest economy. We're building the foundation for a Viksit Bharat -- a developed, self-reliant India.' Sonowal cited the rise of India's startup ecosystem -- from 30,000 in 2014 to over 1 lakh today -- as evidence of the country's changing mindset. 'This is a new India, led by young dreamers and doers. Over 1.7 crore youth are now part of this vibrant startup movement.' He also hit out at the Congress, accusing it of 'betraying India's farmers with decades of apathy.' Sonowal pointed to schemes like PM-KISAN, PM Fasal Bima Yojana and increased MSPs as proof that the Modi government was 'restoring dignity and earnings to India's Annadaata.' 'In Assam, we're now offering Rs 2,350 per quintal for paddy. This is not a handout -- it's a rightful return to our farmers,' Sonowal said. The Union Minister, who also represents Dibrugarh in the Lok Sabha, said the transformation in the Northeast stands out as one of the Modi government's most defining legacies. 'Modi ji has visited the Northeast over 70 times -- that's more than any other Prime Minister in history. His vision has turned the region from a neglected frontier into the new engine of growth,' Sonowal said. Sarbananda Sonowal noted that more than 4.5 lakh crore in investment promises had been secured at the recent 'Rising Northeast' summit, with major connectivity upgrades underway -- from roads and railways to internet and waterways. 'Modern river ports at Jogighopa, Dhubri, Pandu and Dibrugarh will soon connect Assam to the world. We are not just building infrastructure -- we're reshaping the future,' Sarbananda Sonowal said. Sonowal praised welfare schemes like the PM Garib Kalyan Anna Yojana, which provides free food grains to over 81 crore citizens, and the PM Awas Yojana, under which four crore homes have been constructed. 'From health to housing, from nutrition to self-employment, this government has delivered,' he said, citing schemes like the PM SVANidhi, which has benefited over 68 lakh street vendors. Women and youth empowerment, he said, are at the heart of this transformation. 'From 33% reservation for women in Parliament to schemes like Beti Bachao Beti Padhao, we are reshaping India's social fabric,' Sonowal said. He also highlighted India's rising sporting profile through programs like Khelo India and Target Olympic Podium Scheme (TOPS). Touting India's scientific and technological progress, Shri Sonowal said initiatives like Chandrayaan, Vande Bharat trains, and green port development under Sagarmala have positioned India as a serious global player. 'This is not the India of missed opportunities. This is the India that delivers,' Sonowal said. 'A bold Prime Minister, a committed team, and a billion-strong nation with a common goal -- that's what makes today's India unstoppable,' Sonowal said. (ANI)
