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Home » India » Cabinet approves 100% government stake in GSTN

Cabinet approves 100% government stake in GSTN

By IANS
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New Delhi, Sep 26 (IANS) The Union Cabinet on Wednesday approved increasing the government stake in Goods and Services Tax Network (GSTN) to 100 per cent.

The government, which currently holds 49 per cent stake in the technological arm of the new indirect tax regime, will acquire the entire 51 per cent equity held by the non-government institutions, an official statement said.

The stake will be acquired equally by the Central and state governments.

“The restructured GSTN, with 100 per cent government ownership, shall have equity structure between the Centre (50 per cent) and the states (50 per cent),” the government said.

The Cabinet also decided to allow change in the existing composition of the GSTN board, which will have a total of 11 directors including a Chairman and a Chief Executive (CEO).

While three directors each will be nominated by the Central and state governments, three other independent directors would be nominated by the board of directors, the statement said.

–IANS
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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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