What is the GSTN (Goods and Service Tax Network)?
The Good and Service Tax Number is an organisation which is non-profit and is also non-government which manages the IT system of GST portal and also manages the process of registration under GST. The portal is used by the Government of India to get access of all the information of financial transaction and they will also provide all the services to taxpayer from registration to they can also file taxes and can also maintain details of tax.
WHAT IS THE STRUCTURE OF GSTN?
GSTN is owned by private player at the rate of 51% and the rest is owned by the government. The authorised capital of GSTN is Rs. 10 Crore and in this 49% is divided equally to Central Government and to State Government and the rest is with the private banks.
The GSTN is chaired by Mr. Navin Kumar, who is an Indian Administrative Service Servant and he has also worked on many senior positions such as worked at the Government of Bihar and the Central Government. The technology under this network is handled by the Infosys which was given in September 2015. The GSTN has also approval for non-recurring grant of Rs. 315 Crores.
There are several shareholder which is as follows along with their shareholding:
- Central Government who holds 24.5%;
- State Government and EC who holds 24.5%;
- HDFC who holds 10%;
- HDFC Bank who holds 10%;
- ICICI Bank who holds 10%;
- NSE Strategic Investment Company who holds 10%;
- LIC Housing Finance Limited who holds 11%.
FEATURE OF THE GSTN:
The GSTN is multiplex IT inventiveness. It establishes a single interface for the taxpayer. It creates a common space for IT infrastructure between all the centre and states.
There are following features of GSTN:
- It is the Trusted National Information Utility;
- GSTN handles all the complex transaction;
- Under GSTN all the information is secured;
- Expenses will be shared.
WHAT IS THE FUNCTION OF GSTN?
The process of registration of GST is totally online from registration to filing tax and filing returns. The network has to support all the invoices of 3 Billion monthly, and then they has to keep a track of return filing for 65 to 70 Lakh taxpayers.
The GSTN handles following:
- Different returns;
- Registration of GST;
- All the payments;
- All the refunds.
ADDITIONAL DUTIES OF GSTN:
Apart from keeping a track of basic tax filing and tax returns, there are several more duties that has to be done by the GSTN which is as follows:
- Calculation of IGST and also settlement of IGST;
- Integrating with Banking Network for tax payment details;
- Keep a track of total Engine of Input Tax Credit;
- Submit the MIS report to the government.