Consider the following statements Goods and Services Tax Network GSTN is a non profit organisation f...........

Economic Affairs Public Finance and Debt Management

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Consider the following statements

Goods and Services Tax Network (GSTN) is a non-profit organisation formed to provide IT infrastructure and services to the Central and State Governments, taxpayers and other stakeholders for the implementation of GST.
The government of India holds a 51% stake in GSTN.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

The Goods and Services Tax Network (GSTN) is a unique and intricate IT enterprise that establishes a channel of communication and interaction between taxpayers, the central and various state governments, and other stakeholders.

This single consolidated IT platform has given shape to the main objective of Goods and Services Tax (GST), i.e., One Nation, One Tax, One Market.

The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization. It will manage the entire IT system of the GST portal, which is the mother database for everything GST.

The government will use this portal to track every financial transaction and provide taxpayers with all services – from registration to filing taxes and maintaining all tax details.

Private players own a 51% share in the GSTN, and the government owns the rest. The authorized capital of the GSTN is Rs 10 crore (US$1.6 million), of which 49% of the shares are divided equally between the Central and State governments, and the remaining is with private banks.

Hence only statement 1st is correct.