The Cabinet on Wednesday cleared a proposal to convert GST Network (GSTN) into a government-owned company, finance minister Arun Jaitley said. At present, the Centre and states together hold 49 per cent stake in the GST Network, the company that provides IT backbone to the new indirect tax regime. The proposal to convert GSTN into 100 per cent government-owned company was earlier approved by the all-powerful GST Council. The GSTN was incorporated as a private limited company on March 28, 2013 under the United Progressive Alliance government. It is a Section 8 company under the new Companies Act and hence is a not-for-profit entity.

Source: The Telegraph September 26, 2018 10:18 UTC