PM Modi has asked MoF to increase the stake of the central government and the state governments in GSTN to 100%.
The GST implementation was done with GSTN Co as its backbone. GSTN Co. was incorporated in 2013 during UPA 2 and it is a company that is largely a private entity. Fifty-one percent of it is owned by private firms including two top banks, two housing finance companies and a subsidiary of India’s leading stock exchange – the National Stock Exchange. The few private stakeholders have foreign investors in their holding. The rest is owned by the central and state governments.
The fact of the matter is that many people still do not know the difference between GST & GSTN!
There was a malafide intention, a dubious angle to the formation of GSTN Co. in 2013, on the eve of Mr. Modi coming to power in May 2014 because it was known that GST would become a certainty.
None except the single man army of Dr. Swamy objected to it, and red flagged the private holding pattern of the backend Co entrusted with the handling of the crucial GST tax. He advised and wrote numerous letters to PM Modi on the subject. He suggested that GSTN Co should be fully controlled by the government with no private intervention or control. He opined that there is no role for private players, who indirectly have foreign investors, in an Indian Government tax management system. He was of the view that with private player involvement, there is a high possibility of the data leak, theft, exposure of confidential data and a general national security hazard.
We all know the chaotic scenario that prevailed after GST implementation. There was confusion due to the unpreparedness of the GSTN Co, the inexperience of the personnel, complex tax structure, unexpected advance start, software glitches and so on.
Dr.Swamy has foresight & vision to oppose GSTN. The fact of the matter is that many people still do not know the difference between GST & GSTN! They are ready to be armchair critics without understanding! The whole idea is preposterous that a private company controlled by foreigners was driving GST!
This decision by the government is a big victory for Dr. Swamy. PM Modi has asked MoF to increase the stake of the central government and the state governments in GSTN to 100%. Dr. Swamy had foreseen the pitfalls on the GSTN when others were singing praises to it.
Innumerable times it has been proven: Dr. Swamy thinks and talks way ahead of his time.
He was the only one in parliament, in the Rajya Sabha, who took a stand and spoke against GSTN Co during the passage of the Bill. The entire opposition including the Congress remained mute spectators in the passing of Bill without any objection. He has once again been vindicated. GSTN henceforth will be a 100% Govt owned and controlled company.
It’s good that the Finance Minister and the MoF have finally realized their mistake and understood the GSTN issue. Good sense has prevailed!
Congrats to Dr.Swamy for his unrelenting efforts to eliminate corruption and the corrupt cabal. A gentle reminder to all those who criticized him on his open, blunt stand on GSTN Co Pvt stake issue; Dr. Swamy is always right and he does not hesitate to call a spade a spade in the national interest.
Innumerable times it has been proven: Dr. Swamy thinks and talks way ahead of his time, and sooner or later you have to agree with him.
Today once more, he stands vindicated on his opposition to GSTN Co as it was envisaged originally!
Nation First, India First
Thanks to PM Modi as well for accepting Dr. Swamy’s advice and suggestion in the national interest.
1. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.
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