Dr Subramanian Swamy seeks complete stay on GSTN operations
Dr Subramanian Swamy, a member of Parliament (MP) and leader of Bharatiya Janata Party (BJP) has requested Prime Minister Narendra Modi to stay operations of Goods and Service Tax Network (GSTN). 
 
Dr Swamy, in a letter says, "...the GSTN, which is a data processing and tax revenue collection private limited company, which was never security cleared by the Home Ministry, whose clearance is mandatorily required. I strongly urge you to therefore to direct the complete stay of all operations of the presently constituted GSTN and that it remains in operational till it is reconstructed according to our national interest and after security certification by the Home Ministry."
 
The BJP leader also accused certain officials from the Ministry of Finance and the Chairman of GSTN of telling the media that the entity as constituted will continue without hindrance. 
 
Arguing that the department of electronics and the finance ministry are fully capable of handling GST data, Dr Swamy says "...in effect, GSTN (with the current shareholding) is foreign controlled" and hence, needs to be restructured in national interest. 
 
The central government holds 24.5% stake in GSTN while state governments together hold another 24.5%. The balance 51% equity is with non-government financial institutions like HDFC Bank, HDFC Ltd, ICICI Bank, NSE Strategic Investment Corp and LIC Housing Finance Ltd.
 
Here is the letter sent by Dr Swamy to the Prime Minister...
 
 
 
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    COMMENTS

    Suketu Shah

    4 years ago

    It seems what we know is a small fraction of what we donot know of GSTN.The determination of Dr Swamy on this matter and his tweets clearly indicate this was possibly the biggest scam ever which would have sold our country in 5 yrs time economically.On this point alone,Dr Swamy urgently needs to replace current FM.GSTN is much more serious than it seems.How shocking it is to see Infosys involved in this as well.

    R Balakrishnan

    4 years ago

    Privatisation is a better option than trusting government babus to do this work. As regards ownership, the GOI can always put conditions. And yes, CAG is a good suggestion, on the presumption that the CAG has the capabilities to delve in to all this. The problem with being govt run is that it will be corrupt. Interesting debate, but I do not see any national security or secrets in this- GST should be a publicly available data .

    REPLY

    Nilesh KAMERKAR

    In Reply to R Balakrishnan 4 years ago

    Sir, Inside every HDFC, a Satyam is dormant, no?

    R Balakrishnan

    4 years ago

    Privatisation is a better option than trusting government babus to do this work. As regards ownership, the GOI can always put conditions. And yes, CAG is a good suggestion, on the presumption that the CAG has the capabilities to delve in to all this. The problem with being govt run is that it will be corrupt. Interesting debate, but I do not see any national security or secrets in this- GST should be a publicly available data .

    Nilesh KAMERKAR

    4 years ago

    Those who were against Dr. Swamy when he spoke/wrote against RRR . . . will surely start liking Dr. Swamy for what he is doing.

    It is just amazing how much single handedly he can achieve. . .

    Suketu Shah

    4 years ago

    During Dr Swamy's recent visit to USA,Boston community explained to him how via GSTN to private companies they were going to thoroughly expkoit India stock market.This speaks about hos intensely seriously this GSTN issue is and no one except Dr Swamy has highlighted this.What is the FM doing -he wasnt even aware of this?

    Suketu Shah

    4 years ago

    If it wasnt for Dr Swamy India would have been sold to Goldman Sachs via GST.What is our FM doing-he didnot even know this about GSTN?No wodner since Dr Swamy has become MP,things have improved drastically at the top political level.

    Simple Indian

    4 years ago

    While the issues raised by Dr. Swamy in his alleged letter to PM Modi are genuine concerns which many Indians would share, the typos and bad grammar in the letter indicates it may be a fake letter. Moreover, it is surprising that much of media is silent on this issue, perhaps due to the all-powerful FM Arun Jaitley being at the helm of affairs on GST project of GoI. Will PM Modi take cognizance of such letters and act ?

    Parimal Shah

    4 years ago

    Though this man may have been responsible for many unusual comments this one is certainly important and the Finance Minister MUST take note of it and act accordingly to put things in proper order.

    MG Warrier

    4 years ago

    One wonders whether Swamy doesn't have any access to BJP forums or PMO to share his brilliant ideas on current issues. Shooting out letters to PM and sharing the same with media doesn't make much sense, because if Swamy is not able to convince his own men, what we can do by reading his letters?

    SRINIVAS SHENOY

    4 years ago

    What do you think?... Write your comments. I am of the opinion that the objections to the implementation of GSTN, if any should normally have been made at the initial stages.

    REPLY

    MG Warrier

    In Reply to SRINIVAS SHENOY 4 years ago

    That is the "Swamy way" of doing things. Poor Swamy isjusttrying to get some media space...

    Government extends date for filing IT returns to October 17
    The government has extended the date for filing of income tax returns by tax payers whose accounts are required to be audited under the Income Tax Act from September 30 to October 17, 2016, an official statement said here on Monday.
     
    "Taking into consideration that the last date for making declarations under the Income Declaration Scheme 2016 is also September 30, 2016, the Central Board of Direct Taxes (CBDT) has decided to extend the last date for such returns which were due on September, 30, 2016 to October 17, 2016 in order to remove inconvenience and to facilitate ease of compliance," a statement from the Finance Ministry said.
     
    The tax payers whose business receipts exceed Rs 1 crore or professional receipts exceed Rs 25 lakh during the previous year 2015-16 are required to file an income tax return accompanied by an audit report by October 17, 2016.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    COMMENTS

    SRINIVAS SHENOY

    4 years ago

    What do you think?... Write your comments. Refunds and assessment of salaried individuals, which earlier took years are now settled within a month.

    Government notifies GST Council, in effect from Monday
    Following presidential assent last week to the GST Bill, the Union Finance Ministry on Monday notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council.
     
    "The Central Government hereby appoints the 12th day of September, 2016 as the date on which the provisions of section 12 of the said Act shall come into force," a ministry notification said.
     
    According to the provisions of the Constitution Amendment Act, the GST Council will have to be set up within 60 days of its notification. 
     
    It is to be chaired by the Union Finance Minister and will include State Ministers as members.
     
    The GST Council will decide on the tax rate, will recommend the taxes to be subsumed and exempted from GST, the rates of taxation and the model Central, State and Integrated GST laws.
     
    It will also decide the threshold for levy of the tax, as well as the dispute resolution mechanism, among other important issues.
     
    Noting that 20 states had already ratified the GST, President Pranab Mukherjee said in Chennai on Saturday that it was the GST Council's responsibility to have one uniform rate of GST tax to be introduced all over India.
     
    The government targets to implement the new pan-India indirect tax regime from April 1, 2017. 
     
    The Centre will have to pass the Central GST and Integrated GST Bills, while the states will need to approve their respective GST legislations.
     
    The GST is a single indirect tax that proposes to subsume most central and state taxes like Value Added Tax, service tax, central sales tax, excise duty, additional customs duty and special additional customs duty.
     
    The states will, however, be able to adopt a GST structure that is different from that recommended by the GST Council. The council recommendations will not be binding on the states.
     
    The Bill says the GST Council will make recommendations to the Centre and the states on issues such as taxes, cess and surcharges that might be subsumed in the GST tax rate. Parliament and state assemblies have the right to accept those recommendations in their GST Bills.
     
    While the pan-India overhaul of India's indirect tax regime has got the mandatory support of more than half the states, Tamil Nadu's ruling AIADMK had walked out before the voting on the Bill began, both in the Rajya Sabha and the Lok Sabha.
     
    The party had wanted some changes in the Bill, such as imposition of four per cent additional tax on inter-state trade and transfer of money thus collected to the state of origin of the goods.
     
    The Centre is to compensate the states for revenue losses for the first five years after the implementation of the GST if the states' revenues come down under the new tax regime.
     
    Meanwhile, at a meeting here with the Empowered Committee of State Finance Ministers on GST last month, India Inc pitched for an 18 per cent standard rate on the ground that this rate will generate adequate tax buoyancy without fuelling inflation.
     
    The opposition Congress had earlier demanded an 18 per cent cap on the GST rate.
     
    The Federation of Indian Chambers of Commerce and Industry (Ficci) suggested that to check inflation and the tendency to evade taxes "the merit rate should be lower and the standard rate reasonable".
     
    "As per the current indications and reports, goods will be categorised as being subject to merit rates (12 per cent), standard rates (18 per cent) and de-merit rates (40 per cent)," Ficci said in a release following a meeting here with the Empowered Committee.
     
    "Certain goods will be exempted from the GST while bullion and jewellery will be charged at one-two per cent," it said regarding classification of goods for applying GST rates.
     
    On the implementing of GST, Ficci said that in order to provide adequate time to trade and industry to prepare "for a hassle-free rollout of the GST regime", a minimum of six months should be permitted from the date of the adoption of the GST law by the GST Council.
     
    "Additional time would be required in case the GST law as passed by Parliament or state legislatures is significantly different from the one adopted by the GST Council," the statement added.
     
    In a meeting here with Revenue Secretary Hasmukh Adhia last month, industry chambers had expressed concerns about the draft GST law, flagging issues like dual administrative control and wide discretionary powers for tax authorities.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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