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GSTN (Goods and Service Tax Network)

The GSTN (Goods and Service Tax Network) is a non-profit, non-government organization. Private players own 51% share in the GSTN, and the rest is owned by the government.u00a0The authorized capital of the GSTN isu00a0u20b910 Crore (US$1.6u00a0million), of which 49% of the shares are divided equally between the Central and State governments, and the remaining is with private banks.<br>

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GSTN (Goods and Service Tax Network)

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  1. Introduction The GSTN (Goods and Service Tax Network) is a non-profit, non-government organization. Private players own 51% share in the GSTN, and the rest is owned by the government. The authorized capital of the GSTN is ₹10 Crore (US$1.6 million), of which 49% of the shares are divided equally between the Central and State governments, and the remaining is with private banks.

  2. Structure of GSTN

  3. Features of the GSTN The GSTN is a complex IT activity. It will build up a uniform interface for the citizen and furthermore make a typical and shared IT foundation between the Centre and States.

  4. Shared Expenses. The Central Government will pay the entire user charges, and on behalf of all users, the State Governments will pay in equal proportion (i.e., 50:50). The state share will then be apportioned to individual states, in proportion to the number of taxpayers in the state.

  5. Ease in handling Transactions. A rapid settlement mechanism amongst the Centre and States will only be possible when there are a robust IT infrastructure and service backbone that processes, captures, and exchanges details.

  6. Safe Information. The Central Government will have control over the composition of the Board, mechanisms of Special Resolution and Shareholders Agreement, and agreements between the GSTN and other state governments. The shareholding of government is at 49% is more than that of any private organization.

  7. Trusted National Information Utility. The GSTN is a trusted NIU (National Information Utility), efficient and robust IT backbone for the smooth functioning of GST in India.

  8. GSTN Function: The GSTN will handle • Invoices • Various returns • Registrations • Payments & Refunds

  9. The GSTN in its current form was created after taking after approval of Empowered Committee of State Finance Ministers and Union Government after due deliberations over a long period of time. Know More about Goods and Service Tax Network

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