Karan Pandit is a Partner at Vedya Partners & Advisors. He is a Chartered Accountant who has demonstrated a history of working in the Indirect tax field. He is skilled in Goods and Services Tax, Customs, Foreign Trade Policy and erstwhile Indirect tax laws.
It’s going to be an interesting journey reading how he looks at the smallest things of life and the few principles he follows to be an accomplished person.
Why did you decide to practice in the area of Indirect taxation?
I had little idea prior to starting my internship about what I wanted to do and the service line I wanted to specialize in. As a matter of fact, I wasn’t sure if I even wanted to become a Chartered Accountant. I just appeared for an interview for an internship and the ball got rolling. Once my internship commenced I never really had the time to think of anything else or think of changing to any other service line. Though I was never enamored or charmed with taxation or any other form of consulting (financial or otherwise). But I did have a lot of fun at the onset and subconsciously, I guess, I decided to continue with Indirect tax consulting. In my case, the strong work culture, my seniors and colleagues were a deciding factor for me to stay and continue. And I am grateful to everyone for that.
Your approach towards clients? What do you feel that clients should understand about Indirect taxation?
While my approach to clients has evolved over a period of time (consciously and subconsciously), I have always maintained that I should work with clients who need my assistance and value it. Unfortunately, most of the business owners think Indirect tax consulting is just another ‘expense’ they have to incur. Which is why I jokingly say at times that I’m not in the business of Indirect tax consulting but education. Many times, companies come to us once they have received notices from tax authorities. Then there is no scope of prognosis, only postmortem. It is always better to spend some to save a lot in the future. It is better to pay extra to a specialist than scrimp on fee and engage a non-specialist for tax consulting. That’s what most clients are not able to appreciate.
Do you believe in hard work or destiny or both and why?
Hard work. Hard work trumps talent and fate / destiny. Destiny may make you big in life but you will still need to work hard to maintain and improve on it. Children born to wealthy parents also work hard to maintain status quo. Your destiny will give in if you keep working hard. It’s difficult to put down someone who keeps coming back at you. Just keep at it, keep chipping away. The race is long and only with yourself.
What is peace for you and where do you get peace?
Peace is to be in harmony with elements around you. It is to be as one amongst the most discordant aspects around you. Difficult to attain, easy to maintain if you know how. I get peace in washing my cars and driving fast on a highway in one of them.
That one thing and person you cannot survive without and why?
I cannot live without any of my worldly possessions. I have carefully bought everything that I have, spent a lot of time thinking and deciding. I think, that is the case with anyone with an individualistic take on the materialistic. The person I cannot survive without is my wife, Neha. She is the happiest person I’ve known. For an intense person like me, she brings a lot of balance and perspective. Waise bhi, aag ke liye paani ka darr bana rehna chahiye 🙂