Question
What is the name of the organization formed to create a
platform for all the concerned parties i.e. stakeholders, government, taxpayers to collaborate on a single portal for controlling & tracking GST?Solution
Goods and Services Tax Network (GSTN) is a non-profit organization formed to create a platform for all the concerned parties i.e. stakeholders, government, taxpayers to collaborate on a single portal. The portal will be accessible to the central government which will track down every transaction on its end while the taxpayers will be having a vast service to return file their taxes and maintain the details. The IT network will be developed by private firms which are being in tie up with the central government and will be having stakes accordingly. The known authorized capital of GSTN is ₹10 crore (US$1.6 million) in which Central Government holds 24.5 percent of shares while the state government holds 24.5 percent and rest with private banking firms.
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