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Business EconomyPosted at: Sep 19 2016 7:26PM


Govt may hold majority stake in GSTN

New Delhi, Sep 19 (UNI)After several attacks from BJP MP Subramanian Swamy on Goods and Services Tax Network (GSTN), it seems that the Central government has taken his views seriously and now considering enhancing its equity in the company ‘GSTN’.
As on date, the government is a minority stakeholder in the company which is going to take charge of the GST.
According to sources in the company and in the government, after attacks on the composition of the GSTN by Dr Swamy, Indian Revenue Service officers too have raised question on the composition of the GSTN and have inquired from the Finance Ministry that how can a private company be given the charge of handling GST which is going to replace the tax structure of the country in a big way.
As per the present composition Central Government is holding 24.5 per cent share in the Company GSTN whereas the state governments will hold a combined share of 24.5 per cent.
The rest of the 51 per cent shares will be with the private companies giving them the controlling stake in the company. It will also provide them an advantage to play with the rules and regulation and will be in a position to work for profit and take away a major chunk.
According to the sources, the question of the motto of the composition is also being raised. It creates some doubt in the minds of a large section too why such an important task has is being given to a privately held company? Is it so that there is no competency in the government officials or the government owned companies? Is there lack of technical competency in the government held companies or there is no money to run a company which can have majority of stakes with the government?
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