Goods and Service Tax Network (GSTN) means.......?

Hello Readers,

In recent days, many of us heard about GSTN right.......?
What exactly GSTN means........?

Let us go into details:

Background:
Since GST System is majorly an IT compliance based tax. To establish a uniform interface for the tax payer and a common and shared IT infrastructure between the Centre and States. To establish a robust settlement mechanism amongst States and Centre.

 A strong IT Infrastructure  viz., GSTN which enables capture, processing and exchange of information amongst the stakeholders (including tax payers, States and Central Governments, Accounting Offices, Banks and RBI) has been initiated by the Government. 

 The decision to structure GSTN in its current form was taken after approval of the Empowered Committee of State Finance Ministers and the Union Government after due deliberations over a long period of time.

 Structure:
Goods and Service Tax Network ( GSTN) is Non  Profit Organisation, formed based on Public Private Partnership (PPP), with Authorized Capital of Rs. 10 Crores with the following stakes:

Government - 49%, includes-
Central Government : 24.5%
All States Governments : 24.5%

Non Government - 51% includes -
HDFC - 10%
HDFC Bank - 10%
ICICI Bank - 10%
NSE Strategic Investment Co - 10%
LIC Housing Finance Ltd - 11%

Role of GSTN:

 Role and Functions of GSTN can be understood through following Diagram:

Important Announcement:
Today, Government has announced that enrolment window will reopen on 25th June 2017 the process will continue upto 3 months.
For detailed information regarding GSTN you can visit to:
http://www.gstn.org/ 



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