All of us sitting here are financial advisers and distributors. We are in a cobweb of a situation because due to different views of all the stakeholders involved, the regulators and the ministry, we have 14% service tax on our income, whereas it has to be passed on to the consumer and, so while we have belief in the India regime, there is direct subsiding on ground...
Jayant Sinha: Because you are paying 14% service tax, you are losing faith in the Indian dream? That seems to be a somewhat exaggerated view.
Whether it is the service tax matter or any other matter related to the IFA industry, any issues you all have, you should come to us. Come to me directly, call my office, mosfinance@nic.in is my email.
We are on your side. We want to do that. However, there are two simple rules.
One it has to be at an industry level, it cannot be one single company because it has to be policy for the entire industry.
Come as an industry association, come with a list of what you think are the four or five matters that need to be addressed in terms of either regulations or taxes. And let's sit down and figure out how we can make it easier for you to do business and to provide services to your consumers.
Two, you have to show me how you're going to increase tax revenues, not reduce them.
