Goods and service tax is an ever extending part of the government’s initiative to fully implement the indirect tax regime into the structure. While many parties are still confused and doubtful, but the BJP MP Subramanian Swamy has now come up with a staggering revelation about the recent loan offering to the Goods and service tax network by the IDFC of INR 550 crore.
He said in a tweet that, “Scandal: IDFC gives a loan of Rs 550 crore today to GSTN. Guarantor: GOI, not majority shareholders! Why? Looting India Robert Clive way, “The goods and service tax network has been created in the eyes of proper implementation of the goods and service tax, which in turn creates a firm establishment for this new tax reform.”
The MP has said that the UPA government has allegedly taken the amount at the government guarantee which will be a serious issue later on if the amount slips off from its actual use. However, the GSTN holds different stakeholders in which 24.5 percent stake is of GSTN and other 24.5 stakes is altogether of state, after this, the various private banks and government entities hold 51 percent stake.
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Mr. Swamy said that, “It (GSTN) will not be able to pass the Home Ministry security clearance until the Rajya Sabha Select Committee’s unanimous recommendation is implemented and HDFC Bank, NSE, LIC Housing Finance and ICICI Bank are all removed and replaced by (public sector banks) because tax data is sensitive. It is confidential. We cannot allow foreigners the right to get this data.”