Mumbai based IFA Association - Foundation of Independent Financial Advisors (FIFA) has requested AMC CEOs to allow acceptance of service tax invoices of distributors at their respective R&T offices across India.
Currently, distributors have to send their service tax invoices to AMC offices every month. “It is extremely time consuming and expensive for IFAs to send individual service tax invoices physically to each AMC office every month,” points out Yogesh Sharma, Director, FIFA.
Mumbai based advisor Satish Pandey says that submitting invoices to R&Ts would be the best solution. “We visit R&T offices almost every day so submitting service tax invoices to them would be ideal since we will be able to get a time stamp or a delivery confirmation. R&Ts are good at maintaining records and they can handle this task deftly.”
Yogesh said that AMC CEOs have responded positively to their request. “FIFA would like to convey special thanks to its member Ms. Sujata Kabraji for initiating it. We have received a positive response on this request and are hoping that it will be implemented at the earliest,” said Yogesh.
“It is logical. Why should IFAs send invoices to 40 AMCs when they can send submit them at R&T offices? I don’t think there should be a problem. We will see speak to our R&T about this,” said the CEO of a foreign fund house.
