I am in BIT GOA. How should I react if I get taunts for not getting into IITs?

I can totally relate to what it must have felt to get taunts for not getting into IITs.

I know how it feels when dreams shatters without creating any noise. I have seen the same road...only thing is that I didn't had the marks to get through BIT SAT, I got into KIIT University.

From my experience, here is my response to your query

1. Move On- There are amazing things you can learn at BITSAT and can achieve anything you want to do in life. Don't feel bad for not getting into IITs even if someone remind you about it.
2. Accept that you failed at some thing you wanted to achieve and its perfectly Ok. Less that 1 out of 100 get through IITs and it doesn't mean that others are inferior.
3. Just to remind you of that even Venkatraman Ramakrishna failed to clear IIT JEE but later on in life went on to get Nobel Prize in Chemistry.Nobel laureate Ramakrishnan failed IIT, medical entrance tests
4.   You can read how I dealt with not getting into IITs Rohan Sinha's answer to How does it feel to not qualify in IIT JEE?
5. Don't react to those who remind you of your crush (read IIT), you feel upset because you have studied hard. But, when you will learn to laugh about it then those people will not bother you anymore.