The Income Tax Department and the Goods and Services Tax Network (GSTN) are all set to sign an MoU to facilitate automatic sharing of information between them. The move will help Tax authorities clamp down on evasion and under-reporting in direct and indirect taxes.
About:
GSTN has been jointly registered by the Central and State Governments as a not-for-profit Company under Section 8 of the Companies act, 2013 (under new companies Act, not for profit companies are governed under section 8).
It was incorporated in 2013.
It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of the GST.
Ownership:
In September 2018, Union Cabinet approved a proposal to convert Goods and Services Tax Network (GSTN) into a government-owned company.
Currently, the Centre and states together hold 49 % stake in the GSTN. Balance 51% equity is with non-Government financial institutions.
The restructured GSTN, with 100% government ownership shall have equity structure between the Centre (50%) and the States (50%).
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