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Letter to BS: FM's assurance comes as a breather for 'genuine' start- ups

Here's hoping that verification powers for proving themselves being genuine would not lie with the infamous income tax inspector

Business Standard 

start up

Apropos “Genuine start-ups can breathe easy” by Arup Roychoudhury and Indivjal Dhasmana (February 12), Finance Minister Piyush Goyal’s assurance certainly comes as a breather for our “genuine” start-ups. Here’s hoping that verification powers for proving themselves being genuine would not lie with the infamous income tax inspector. We are surely not seeking a return to the dreaded “inspector raj” with all its associated ills of rent seeking and hush money. Our start-ups are not only almost always short of funds, they also don’t have the manpower to deal with inspectors. The finance ministry will have to put in place a foolproof system, overseen by honest senior officials, to decide the genuine status of struggling start-ups. The department must separate those indulging in wrongdoings like laundering money through fake companies and deal with them in the strictest possible manner but they must allow the genuine ones to work peacefully.

Krishan Kalra Gurugram



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First Published: Tue, February 12 2019. 21:00 IST
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