Consider the following statements regarding GSTN Goods and Services Tax Network 1 GST...........

Economic Affairs Tax System

Consider the following statements regarding GSTN (Goods and Services Tax Network):

1. GSTN is a not-for-profit private limited company.

2. It will establish a uniform interface for the tax payer and a common and shared IT infrastructure between the Centre and States.

Which of the statement(s) given above is/are correct?

1 only

2 only

Both

None

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Explanation:

About GSTN:
GSTN, a not-for-profit private limited company, has 51 per cent equity of five private institutions -- HDFC Bank Ltd (10 per cent), HDFC Ltd (10 per cent), ICICI Bank Ltd (10 per cent), NSE Strategic Investment Corporation Ltd (10 per cent) and LIC Housing Finance Limited (11 per cent)
The GST System Project is a unique and complex IT initiative. It is unique as it seeks, for the first time to establish a uniform interface for the tax payer and a common and shared IT infrastructure between the Centre and States.
Currently, the Centre and State indirect tax administrations work under different laws, regulations, procedures and formats and consequently the IT systems work as independent sites.