The Union cabinet today approved a proposal to convert the Goods and Services Tax Network ( GSTN ) into a Government owned entity.
This was stated by the finance Minister Arun Jaitley. 50 per cent stake will be owned by the Centre and the remaining by the states on pro-rata basis in the new structure, he said.
The 27th meeting of the GST Council through video conference had approved a proposal to convert the GSTN into a fully government owned entity. As per the proposal, the central government will acquire a 50 percent stake in GSTN while state governments will collectively hold the remaining 50 percent.
The central and state governments currently hold 24.5 percent stake each in GSTN while the remaining 51 percent is held by HDFC Ltd., HDFC Bank Ltd., ICICI Bank Ltd., NSE Strategic Investment Co and LIC Housing Finance Ltd., according to data on GSTN’s website.
Goods and Service Tax Network is a one stop solution for all your indirect tax requirements. It was incorporated as a private limited company on March 28, 2013 under the UPA government. It is a Section 25, not for profit organization owned by government and private players jointly. GSTN has been entrusted with the responsibility of building Indirect Taxation platform for GST to help to prepare, file, rectify returns and make payments of indirect tax liabilities.
