While valuation, particularly financial valuation, is emerging as an important profession, arbitration is a form of alternative dispute resolution and a technique for the resolution of disputes outside the court, Padmanabhan said.
GST being the major tax reform and a game changer, as a professional it was imperative to understand and assimilate the new taxation structure, associated compliances and the changes in business processes emanating there from, he said.
The Institute has in recent times been proactively involved in nation-building activities like providing impetus by supporting Make in India, Swachch Bharat Abhiyan, and GST One Nation One tax, Padmanabhan said.
The institute, which has done an accounting system for the Railways, will take up similar work for Defence and Aviation ministries on cost and pricing, he said.
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