Which among the following regarding GST is correct? The Goods and Serv
A. Centre holds 100 per cent stake in GST network.
B. GST network was formed under Companies Act.
C. The 100th Amendment introduced GST in the country.
D. GST council is a statutory body.
Right Answer is: B
The Goods and Service Tax Network (GSTN) is a non-profit, non-government organization under Companies Act, 2013.
• GST Network manages the entire IT system of GST Portal which is used by the government to track every financial transaction.
• Earlier private players owned 51% share in the GSTN and the rest was owned by the government. The GST Council in its 27th meeting held on 4th May 2018 resolved that GSTN will be converted into a 100% Government-owned entity by transferring 51% equity shares held by the Non-Government Institutions to the Centre and States equally.
• Ajay Bhushan Pandey is the present chairman of GSTN.
• 101st Constitutional Amendment Act, 2016 introduced a national Goods and Services Tax (GST) in India from 1 July 2017.