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Dexter Capital Advisors • 3m
Much credits to Piyush Goyal calling out Indian startups for chasing ‘fancy ice creams’ instead of deep tech at Startup Mahakumbh 2025, founders and business owners across India spilled the beans on rampant harassment and bribery for GST registration! Yet, here we are, days later, with zero investigations, no officials fired, and not a single soul held accountable under the Black Money Act. Bravo, India—corruption wins again! Let’s unpack this farce 🙏🙏 .. Many shared how GST officers rejected applications unless ‘settled’ with bribes - some demanding in-person visits just to extort money. Another founder from Burhanpur, employing 100 people, claimed paying Rs 30k a month in bribes to keep his business running. Social media erupted with similar tales of GST officials acting like mafia lords. This is probably the first instance in which so much has come out about the well-known corruption and bribery at municipal corporations and GST departments, all in a very short span, gaining widespread validation and traction. Yet, there has been complete silence on the action. .. The Black Money Act, 2015, imposes up to 10 years in jail and 90% tax penalties for undeclared income - perfect for nailing these bribe-taking officials. But forget that. Not one officer has been suspended. What did we get? Goyal announced a ‘grievance helpline’ on 4 April. Well, that’s good. But what’s the point of a helpline if the system protects its own? The GST department, called the ‘most corrupt’ by many is a cesspool. Officials delay registrations to extract ‘speed money’, making our already uncompetitive and hard-to-do-business-in economy even worse. And in that context, this inaction isn’t just negligence but complicity. .. Fire corrupt officers, enforce the Black Money Act, and show startups you mean business. Lectures are good. At least, I don’t have a problem with whatever Goyal said, given he was providing a tension and hurdle-free landscape for business builders and founders. But, let’s face it - Right now, that is a farce and a fantasy. And that should be the Govt’s priority, not lectures, however reasonable or not they may be.
Chartered Accountant • 1y
GST Thread 1 Evolution of GST across the years - 2000 - PM introduced the concept of GST and set up a committee 2006 - Announced by FM that GST to be introduced from 1st April 2010 2014 - Bill introduced in Lok Sabha 2015 - Bill passed in Lok Sa
See MoreHey I am on Medial • 5m
Of course the value of money has changed but it's a great comparison. It does not show Congress taxed the rich btw. Nobody was paying 97.5% tax. They were just paying bribes to Congress to keep money black. That's how they destroyed our economy.
Keen Learner and Exp... • 11m
There exists a market whose value is estimated to range between 20% to 30% of India's GDP. Yes, I am talking about the Black market (it refers to illegal trade and transactions that occur mainly to Avoid taxes or to trade illegal goods.) But do you
See MoreHey I am on Medial • 10m
Concept validation needed ? India is full of black money and many people has lot's of Courrupted black money but most of them are try to making it white but the main problem is that government agencies are tracking them easily and now it's really h
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