INSUBCONTINENT EXCLUSIVE:
Proposal to convert GSTN into 100% government-owned firm was earlier approved by GST Council.NEW DELHI: The Cabinet Wednesday cleared a
proposal to convert GST Network (GSTN) into a government-owned company, Finance Minister Arun Jaitley said.Briefing reporters about the
decisions taken in the Cabinet meeting, the finance minister said that 50 per cent stake will be owned by the Centre and the remaining by
the states on pro-rata basis in the new structure.Currently, the Centre and states together hold 49 per cent stake in the GST Network, the
company that provides IT backbone to the new indirect tax regime
The remaining 51 per cent is held by five private financial institutions -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic
Investment Co and LIC Housing Finance Ltd.The proposal to convert GSTN into 100 per cent government-owned company was earlier approved by
the all-powerful GST Council.The GSTN was incorporated as a private limited company on March 28, 2013 under the UPA government
been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
