Continuing to attack the firm set up by the UPA government to provide support structure for GST rollout, BJP MP Subramanian Swamy on Friday alleged “loot” in IDFC extending a Rs 550-crore loan to GSTN on government guarantee.

“Scandal: IDFC gives a loan of Rs 550 crore today to GSTN. Guarantor: GOI, not majority shareholders! Why Looting India Robert Clive way,” the BJP MP said in a tweet.

The Goods and Services Tax Network (GSTN) is the special purpose vehicle that was formed under the previous UPA government to set up the information technology framework for rolling out the indirect tax regime that will replace a string of local levies.

The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent. The balance 51 equity is held by private financial institutions — ICICI Bank, HDFC Bank, HDFC Ltd, LIC Housing Finance and National Stock Exchange Strategic Investment Corporation.

Earlier, while releasing a book, Swamy had said it may not be possible to implement GST unless private companies are replaced by state-owned firms in the GSTN, the backbone for putting in place the new indirect tax regime.