Union Cabinet finally approves the GST Network, GSTN to be a government entity as a government-owned company. The Cabinet meeting chaired by Prime Minister Narendra Modi took the decision.
Earlier there were proposals from the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state finance ministers to convert the GST Network (GSTN) into a government-owned company with both the Centre having 50% stakes and remaining 50% stake with states.
Union Finance Minister Arun Jaitley stated that “Government has decided to convert GSTN, which was collectively owned by Centre, states and some private institutions will now become a wholly government-owned company. The in-principal decision was taken earlier and the Cabinet approved the proposal today.”
Right now the Centre and states both hold 49 per cent stake in GST Network and the remaining stakes are with 5 private financial institutions namely HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd.
Now as the GST has been implemented, the government has taken the decision to finally convert the whole GSTN into government-owned identity.