The GSTN or the Goods and Services Tax Network, is a non-government, non-profit organisation. The GSTN manages the GST portal which takes care of everything related to GST in India. The network is made to track down the financial transactions and this provides the taxpayers all the services they require.
51% of the shares in GSTN are owned by the private players and the rest 49% is owned by the Government. The Goods and Services Tax Network is chaired by Navin Kumar.
The Key Features of GSTN
It is one the most complex IT initiative and here are some of the key features of GSTN: –
- It is a Trusted National Information Utility
GSTN is a trusted National Information Utility, that is quite reliable when it comes to the matters related to smooth functioning of GST in India.
- It takes care of complex transactions
GST is a tax that depends on destination from where it is collected. The computation of IGST can be a tedious task considering the volume of the transactions that happens all over India. For a strong flow between SGST and CGST, there is a dire need of a strong managing body like GSTN.
- It safeguards the information
The government will have a say in the matters related to GSTN, as it would be a necessary step in order to keep the information about the taxpayers safe and secure. The Central Government has the control over the composition of the Board, mechanisms of Special Resolution and Shareholders Agreement, and agreements between the GSTN and other state governments.
Basic Functions of GSTN
- Payments and Refunds
- Various Returns
What is GSTIN?