Updated By: LatestGKGS Desk
Union Cabinet approved increasing of government ownership in GSTN
Union Cabinet approved increasing of government ownership in GSTN: Details, Aim, Highlights
The Union Cabinet chaired by Prime Minister Narendra Modi on 26th September 2018 has approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with a transitional plan.
The approval comes with a plan that includes the acquisition of entire 51 percent equity held by the non-government Institutions in GSTN equally by the centre and the state governments and to allow GSTN Board to initiate the process for acquisition of equity held by the private companies.
The increased government ownership will also allow the change in the existing composition of the Board of GSTN inducting three directors from the centre and the states and three other independent directors to be nominated by the Board of Directors and one Chairman and the CEO. Therefore, the total number of Directors will be 11.
