Govt approves conversion of GSTN into a government body | Current Affairs, Current Affairs 2018

Govt approves conversion of GSTN into a government body

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The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the increasing of government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with transitional plan.

The approval for increasing the government stake in Goods and Services Tax Network (GSTN) to 100 percent. The government, which currently holds 49 percent stake in the technological arm of the new indirect tax regime, will acquire the entire 51 percent equity held by the non-government institutions, an official statement said. The stake will be acquired equally by the Central and state governments. “The restructured GSTN, with 100 percent government ownership, shall have equity structure between the Centre (50 percent) and the states (50 percent),” the government said. The Cabinet also decided to allow a change in the existing composition of the GSTN board, which will have a total of 11 directors including a Chairman and a Chief Executive (CEO).

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