If you imagine the tax paperwork of a legendary basketball icon or a world-famous talk-show host being handled in New York or Los Angeles, you might think they are processed there, but in reality, those returns are often compiled in Ahmedabad or GIFT City, a global financial and technology hub offering single-window clearances and approvals under one umbrella.
A growing number of Fortune 500 corporations now channel their tax and audit operations through Gujarat, as global audit networks increasingly subcontract substantial portions of their accounting work to firms based in Ahmedabad and the GIFT City financial hub.
With a strong talent base and competitive operating costs, Gujarat has quietly evolved into a major global center for outsourced services in tax, audit, bookkeeping, and regulatory compliance. Industry insiders say roughly 10 key firms are fuelling this surge, together employing close to 20,000 professionals—more than 3,000 of them qualified chartered accountants—and generating an estimated Rs 5,000 crore in annual revenue.
People familiar with the sector confirm that tax filings for several high-profile international celebrities are handled in Ahmedabad.
CA Jainik Vakil, chairman of the GCCI direct tax committee, has been quoted as saying that Gujarat’s appeal lies in its unique combination of expertise, systems, and affordability. “Many sports and entertainment celebrities, including a legendary basketball player and an iconic talk-show presenter, have their returns prepared in Ahmedabad. With more multinational companies setting up their GCCs here, Gujarat is fast becoming a global hub. GIFT City will accelerate this shift,” he said.
On a related note, GIFT City also provides a plug-and-play infrastructure for businesses seeking accelerated growth. Until recently, Indians looking to invest abroad had limited options, either through domestic mutual funds constrained by RBI’s overseas limits or via direct international brokerages. It was a challenging route for most retail investors in terms of stock selection and market timing.
Funds launched on the GIFT City platform offer a simpler alternative, providing professionally managed investment options that deploy capital in international markets while being advised and managed from India. This approach allows retail investors to access global opportunities without navigating the complexities of overseas investing themselves.
The claim that Gujarat, with GIFT City, is leading the way in financial services in India may not be misplaced. With its growing tax and audit operations, GIFT City has made a significant leap forward.
CA Kshitij Patel, co-managing partner at Manubhai & Shah LLP, which has nearly 1,500 staff engaged in foreign accounting and tax assignments, believes the state has a clear edge. “Western countries face an ageing workforce and lack trained tech talent. In contrast, Gujarat has a strong accounting education ecosystem, giving us steady access to skilled young professionals,” he has been quoted as saying.
Such strengths have positioned Gujarat as a leading destination for global accounting, tax, and financial services.
CA Shalin Parikh, who launched MyCPE One in 2015, is another prominent player in the financial space. The firm now employs about 3,000 professionals and records annual revenue of Rs 500 crore.
“We offer taxation and accounting services at least 70% cheaper than US costs. Nearly 80% of our outsourcing revenue comes from the US alone. With AI, we will expand to non-English markets too,” he said, forecasting rapid expansion over the next decade.
Behind these impressive numbers lies a broader ecosystem that has nurtured skilled professionals for generations.
Former ICAI president Aniket Talati attributes Gujarat’s ascent to its longstanding cultural and academic affinity for the accounting profession.
Increasingly, multinational companies are establishing GCCs in Ahmedabad not merely for cost efficiencies but because they are convinced of the superior quality of work delivered here.
Also Read: Cognizant Tech-Fin Centre At GIFT City From February https://www.vibesofindia.com/cognizant-tech-fin-centre-at-gift-city-from-february/
