Mr Rohit Vaswani
Bhartiya Vitta Salahkar Samiti (BVSS)
Mr Rohit Vaswani has over 25 years of experience of handling matters related to Indirect Taxes including GST, Excise, Service Tax & VAT including GST implementation, consultancy, legal opinions, GST due diligence, GST system development, search and seizure, investigations, show cause notices, appeals, advance rulings and other related services. He is on the Advisory Board of Bhartitya Vista Sahalhar Samiti (BVSS), a leading think tank of Indian finance professionals. He is a qualified ‘Mediator’ under Delhi Dispute Resolution Society (DDRS), Government of NCT of Delhi since more than a decade and working as Mediator with Telecom Disputes Settlement and Appellate Tribunal (TDSAT).
Mr Rohit Vaswani at the Harmonising ESG, CSR, CDR and SDGs, an India 2047 - Centre of Excellence Workshop
Mr Rohit Vaswani
Bhartiya Vitta Salahkar Samiti (BVSS)
Key Points
- There are approaches to have inclusive discussions involving experts from different domains to take a holistic approach to issues.
- Frameworks elsewhere in the world are to be examined and evaluated and not accepted in toto.
- The question was raised about whether Indian society should be governed by regulatory frameworks or traditional dharma-based principles, pointing out contradictions between the two.
- Cited examples of regulated markets like the stock exchange and commodities and discussed the potential regularisation of activities like gambling and betting.
- Mentioned the introduction of income tax in India in 1860 and its implementation challenges, especially in remote areas like northeast states.
- Acknowledged the inevitability of digitalisation but questioned whether it aligns with the values of traditional Bharat or if it creates a divide between regulation-based India and dharma-based Bharat.
Recommendations
Balancing Regulation and Governance
- Advocated for a balance between regulatory frameworks and traditional values, suggesting that India needs to reconcile the two approaches rather than favouring one over the other.
- Suggested that governance should be contextualised to suit the diverse cultural and social landscape of India, rather than imposing uniform regulations that might not align with traditional values.
Ethical Business Practices
- Proposed integrating dharma-based principles into governance structures, emphasising the importance of morality, ethics and responsibility in decision-making.
- Emphasised the importance of promoting ethical business practices and responsible investing, suggesting that regulatory frameworks should incentivise integrity and transparency in financial transactions.
Adaptation in Governance Processes
- Stressed the importance of ongoing dialogue and adaptation in governance processes, recognising that societal needs and dynamics evolve over time and that regulatory frameworks must remain responsive and agile.
- Encourage policymakers to tailor regulations to local contexts, considering regional disparities, socio-economic conditions and cultural norms.
- Encouraged policymakers to engage with diverse stakeholders, including civil society organisations, community leaders and experts, in formulating regulatory policies to ensure inclusivity and effectiveness.
Citizen Empowerment
- Highlighted the need for educating citizens about their rights and responsibilities and empowering them to participate in governance processes, thus fostering a sense of ownership and accountability within society.
- Recommended investing in rural development initiatives to bridge the gap between urban and rural areas, ensuring that regulatory benefits reach marginalised communities and remote regions.
