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In a recent Twitter post, Anupam Mittal, the current shark on Shark Tank India Season 3 and founder of ShaadiDotCom, expressed his frustration regarding the bureaucratic hurdles faced by startups in India. Mittal criticized the lengthy process of submitting Know Your Customer (KYC) information, which he believes consumes valuable time and resources that could be better utilized for business development.
While we talk about being a startup nation, we need policy making that keeps up. Every year, team is spending inordinate amt of time sending kyc info to startups who in turn are coordinating with multiple angels to get kyc paperwork filed with @IncomeTaxIndia when they should be…
— Anupam Mittal (@AnupamMittal) February 29, 2024
Addressing the official handle of the Income Tax Department of India, Mittal questioned the necessity of the inconvenient KYC documentation process and demanded to know why startups are subjected to such 'harassment.' He highlighted that the IT department already possesses the Permanent Account Numbers (PANs) of these businesses and suggested that the current paperwork is counterproductive for the country's brightest entrepreneurs.
Mittal further directed his concerns to the Finance Minister of India, Nirmala Sitharaman, urging her to intervene and address the issue to prevent the wastage of valuable time. He emphasized that such administrative burdens hinder the growth potential of startups, representing the sentiments of many entrepreneurs who find themselves grappling with similar challenges.
He wrote, "Why this harassment? Income TaxIndia already has all our PAN nos And many are registered investors. Nirmala Sitharaman Madamji dekhiye pls, its an unnecessary waste of time that sucks up countless unproductive hours of our country's brightest PMO India."
His tweet gained massive support from fellow entrepreneurs and users who expressed their frustrations with the messy bureaucratic procedures. Many agreed that the KYC requirements and tax-related documentation impose unnecessary burdens on startups and small businesses, diverting their focus from core business activities.
RIP - Real money gaming industry in India. If the govt is thinking people will put in ₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that - for which they will get free swimming pool in their living room come…
— Ashneer Grover (@Ashneer_Grover) July 11, 2023
Anupam Mittal's advocacy for policy reforms to alleviate the regulatory burden on startups is not an isolated stance. Former Shark Ashneer Grover has also voiced similar concerns, advocating for fair and equitable treatment of startups, small businesses, and the common man in taxation policies. Grover even suggested that startup founders should consider engaging in politics to ensure their interests are represented effectively.
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