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Jayant Mundhra
ย โขย
Dexter Capital Advisorsย โขย 8d
Much credits to Piyush Goyal calling out Indian startups for chasing โfancy ice creamsโ 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, Indiaโcorruption wins again! Letโs unpack this farce ๐๐ .. Many shared how GST officers rejected applications unless โsettledโ 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 โgrievance helplineโ on 4 April. Well, thatโs good. But whatโs the point of a helpline if the system protects its own? The GST department, called the โmost corruptโ by many is a cesspool. Officials delay registrations to extract โspeed moneyโ, making our already uncompetitive and hard-to-do-business-in economy even worse. And in that context, this inaction isnโt just negligence but complicity. .. Fire corrupt officers, enforce the Black Money Act, and show startups you mean business. Lectures are good. At least, I donโt have a problem with whatever Goyal said, given he was providing a tension and hurdle-free landscape for business builders and founders. But, letโs face it - Right now, that is a farce and a fantasy. And that should be the Govtโs priority, not lectures, however reasonable or not they may be.
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