GSTN Current Affairs

GST Council approves converting GSTN into government owned entity

The 27th meeting of GST Council chaired by Finance Minister Arun Jaitley has approved proposal of convert GST Network (GSTN) into government entity from current private entity status by taking over stakes held by private entities. The council has agreed to buy out stake of private entities in GSTN. Following the move, central government will own 50% in GSTN and the remaining will be collectively held by state governments.

Background

Majority of Goods and Services Tax (GST) processes including registration, filing of returns, payment of taxes, processing of refunds is IT driven and mainly through GSTN. For this, GSTN handles large-scale invoice level data of lakhs of business entities including data relating to exports and imports. Considering nature of state function performed by GSTN, it was felt that the network should be converted into fully government-owned company.

Goods and Services Tax Network (GSTN)

GSTN was set up as not for profit, non-Government, private limited company in 2013. It was established primarily to provide IT infrastructure and services to Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST). Currently its 24.5% is owned by central government and similar percentage is held by state governments collectively. The remaining 51% I owned by five private financial institutions- ICICI Bank, NSE, HDFC Ltd, HDFC Bank and LIC Housing Finance Ltd. Its revenue model after Goods and Services Tax (GST) was rollout out consisted of User Charge to be paid by stakeholders who will use the system and making it self-sustaining organization.

Month: Categories: India Current Affairs 2018

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GSTN launches excel-based offline tool to file initial GSTR-3B returns

The Goods and Services Tax Network (GSTN) has launched excel-based offline facility to allow taxpayers to finalise their GSTR-3B forms on their own computers before uploading it onto the portal in order to minimise chances of errors before uploading on portal. Taxpayers have to file the summary GSTR-3B forms each month till January.

Key Facts

This Excel based offline facility will provide an opportunity to the taxpayer to verify the details of GSTR 3B before filing and minimise chances of error. It will make the process of filing returns simpler. The offline utility is designed to help taxpayers to prepare their GSTR-3B return on their computer system. The taxpayer can download the offline utility from the GST Portal under the Download Section. Using it, taxpayers can fill data and then create json file for uploading the same on GST Portal.

Goods and Services Tax Network (GSTN)

GSTN is a not for profit, non-Government, private limited company incorporated in 2013. It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST).

The Union Government holds 24.5% equity in GSTN. All States including two UTs (Delhi and Puducherry) and Empowered Committee of State Finance Ministers (EC) together hold another 24.5%. Balance 51% equity is with non-Government financial institutions-HDFC Bank Ltd (10%), HDFC Ltd (10%), ICICI Bank Ltd (10%), NSE Strategic Investment Corporation Ltd (10%) and LIC Housing Finance Limited (11%).

The Revenue Model of GSTN after GST rollout consists of User Charge to be paid by stakeholders who will use the system and thus it will be a self-sustaining organization

Month: Categories: India Current Affairs 2018

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