Currently Shark on Shark Tank India Season 3, Anupam Mittal spoke about the state of startups in India in his scathing Twitter post. The founder and head of ShaadiDotCom criticized the “excessive amount of time” wasted in sending Know Your Customer (KYC) information to startups. These companies further coordinate with multiple angles to update the KYC documentation with the Income Tax Department of India. Mittal jokes that instead of wasting time and resources on paperwork, startups “should focus on building great businesses.” Tagging the official IT department handle, the shark demands to know: “Why this harassment?” Echoing the plight of millions of desi entrepreneurs and business houses, many of whom are registered investors, Mittal says the central agency already has all permanent account numbers (PANs). The businessman also conveys his complaint to the Finance Minister of India, Nirmala Sitharaman. Mittal states: “Madam dekhiye, please; It’s an unnecessary waste of time.” He says that this KYC procedure is counterproductive for the country’s brightest. To conclude his complaint, Mittal also tags the PMO handle.
While we talk about being an emerging nation, we need policymaking that keeps up with the times. Every year, the team spends an inordinate amount of time sending kyc information to startups who, in turn, coordinate with various angels to submit kyc documentation. @Income TaxIndia when they should be… – Anupam Mittal (@AnupamMittal) February 29, 2024
Anupam Mittal’s sentiment was met with sympathetic voices on his post. Most agreed that KYC and TD have been a “additional and unnecessary burden” all the time. However, some raise a pertinent issue with the government, which only seems to care about people like Ambanis, Adonis, Tatas and Birlas. One user asks if the center will ever take cognizance of the issues raised by Mittal (and small businessmen and commoners).
KYC & Tds has been an additional and unnecessary burden….
—Professor_nut!! (@Desi_Mario_) February 29, 2024
Anupam, do you really think the government would notice this?
If this had been resolved simply from a tweet, many other major concerns would have been easily addressed.@narendramodi The government deals with Ambani/Adani/Tata/Birla, not small businessmen/commoners. —Deepanshu Gupta (@medeepu01) February 29, 2024
Anupam Mittal is not the only shark who has expressed concern over the controversial corporate taxes. Former shark Ashneer Grover has on several occasions questioned the discriminatory and discouraging practices burdening startups, small businesses and the common man. The Doglapan author also suggested that it was time for startup founders to gear up and jump into politics.”and be represented.”
RIP: Real money gaming industry in India. If the government is thinking that people will contribute ₹100 to play with a jackpot entry of ₹72 (28% of gross GST); and if they earn ₹54 (after platform fees), they will pay 30% TDS for that, so they will get a free swimming pool in their living room.
-Ashneer Grover (@Ashneer_Grover) July 11, 2023
See also: Shark Anupam Mittal offers ‘winning formula’ to build multi-billion dollar business in India
See also: ‘Shark Tank India’s Anupam Mittal Recalls His Wild Partying Days Before Filing for Bankruptcy in US
#harassment #Shark #Anupam #Mittal #slams #KYC #startups #Sitharaman #note
