The GST Council, headed by Union Finance Minister Arun Jaitley, on Friday, agreed to convert Goods and Service Tax Network (GSTN) into a 100% government company.
Currently, five private financial institutions -HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance Ltd -hold 51% stake in GSTN, which was incorporated on March 28, 2013, in the erstwhile UPA regime.
The remaining 49% stake is with the centre and states.
GSTN has been set up to provide IT infrastructure and services to the central as well as state governments, taxpayers and other stakeholders for implementation of the GST.
The council is also discussing imposition of a 5% sugar cess, incentivising digital transactions and simplification of returns.
Read More at: https://www.cnbctv18.com/shows/economy/gst-council-agrees-to-convert-gstn-into-100-government-entity-51417.htm