NEW DELHI: The GST Council has licensed making GST Network (GSTN) a government entity by means of taking over stakes held by means of non-public entities, Finance Minister Arun Jaitley said on Friday at the finish of the 27th meeting of the council.
Jaitley said the GST Network or GSTN currently is 24.five in step with cent owned by means of the central authorities and a similar share is held by means of state governments collectively. The closing 51 in step with cent is with five non-public monetary establishments -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd.
The council has agreed to a proposal of shopping for out the stake of private entities to make GSTN a government-owned entity, he said including the central authorities will own 50 in step with cent and the remaining can be collectively held by means of state governments.
In any other important building, the council has referred the issue of giving 2 in step with cent incentive for digital payments of GST liability to a five-member committee. The incentive as soon as in place, should encourage extra people to transact digitally.
Finance Secretary Hasmukh Adhia said a single per month go back filing gadget would come into drive in six months
On the issue of imposition of cess on sugar, the finance minister said that the GST Council took note of the prevailing misery within the sector. The Council made up our minds to constitute a committee of ministers who will imagine the circumstances below which a commodities price is greater than its price and put forward its recommendations.
Jaitley additionally stated that the GST Council members have expressed satisfaction over the income generated because the roll out of the brand new tax regime. "There were several items on the agenda and detailed discussion on the first year's revenue collection. Members expressed satisfaction over revenue growth," he said.
The Union Finance Minister-chaired council, comprising state finance ministers, met thru video conferencing. The meeting comes at a time when GST collections completed its record high by means of exceeding Rs 1 lakh crore milestone in April.
Jaitley said the GST Network or GSTN currently is 24.five in step with cent owned by means of the central authorities and a similar share is held by means of state governments collectively. The closing 51 in step with cent is with five non-public monetary establishments -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd.
The council has agreed to a proposal of shopping for out the stake of private entities to make GSTN a government-owned entity, he said including the central authorities will own 50 in step with cent and the remaining can be collectively held by means of state governments.
In any other important building, the council has referred the issue of giving 2 in step with cent incentive for digital payments of GST liability to a five-member committee. The incentive as soon as in place, should encourage extra people to transact digitally.
Finance Secretary Hasmukh Adhia said a single per month go back filing gadget would come into drive in six months
On the issue of imposition of cess on sugar, the finance minister said that the GST Council took note of the prevailing misery within the sector. The Council made up our minds to constitute a committee of ministers who will imagine the circumstances below which a commodities price is greater than its price and put forward its recommendations.
Jaitley additionally stated that the GST Council members have expressed satisfaction over the income generated because the roll out of the brand new tax regime. "There were several items on the agenda and detailed discussion on the first year's revenue collection. Members expressed satisfaction over revenue growth," he said.
The Union Finance Minister-chaired council, comprising state finance ministers, met thru video conferencing. The meeting comes at a time when GST collections completed its record high by means of exceeding Rs 1 lakh crore milestone in April.
GST Council approves turning GSTN into a government entity
![GST Council approves turning GSTN into a government entity]()
Reviewed by Kailash
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May 05, 2018
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