What do you mean by Goods and Service Tax Network?

Goods and Services Tax Network (GSTN) is a nonprofit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders. The Frontend services of registration, Returns and payments to all taxpayers will be provided by GSTN.10-May-2017

What is GST network structure?

Structure of GSTN Structurally, 51% of GSTN's stake is held by private entities, and the government owns the remaining 49%. GSTN's authorized share capital is Rs. 10 Crores, 49% of which is equally distributed between the Central and various state governments, with the remaining 51% distributed between private banks.

What are the objectives of GST network?

The GST Network serves help with the implementation, regulation and administration of GST – smoother and better, through state-of-the-art information technology and infrastructure facilities. The common GST portal is being maintained by the GST Network.

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.

Who created GST network?

Structure of GSTN The contract for developing this vast technological backend was awarded to Infosys in September 2015. The GSTN is chaired by Mr Navin Kumar, an Indian Administrative Service servant (1975 batch), who has served in many senior positions with the Govt. of Bihar and the Central Govt.12-Jan-2022

Which state passed GST first?

Assam

What are the features of goods and services tax network?

Key Features of the GSTN

National Information Utility. The GST Network has been considered to be a trusted National Information Utility(NIU).
Ownership.
Robust Infrastructure and Complex Operations.
Information Security.
Payment.
Expenses.
Registration.
Invoice Matching.

What is GST network Wikipedia?

Goods and Services Tax Network, an Indian not-for-profit, non-government firm.

What is GST network Upsc?

For this, GSTN handles large-scale invoice level data of lakhs of business entities including data relating to exports and imports. Considering nature of state function performed by GSTN, it was felt that the network should be converted into fully government-owned company.

What is first return in GST?

Every registered person who has made outward supplies in the period between the date on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.

When was GST launched?

GST – The Game Changer The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country.

What is HSN code example?

For better identification of goods, India and a few other countries use eight-digit codes for deeper classification. For example, 72.02. 99.11 is the HSN code for ferro-phosphorus under other ferro-alloy products.

Who is the head of GST?

Finance Minister Nirmala Sitaraman

What are the 4 slabs of GST?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

What are the 4 types of GST?

There are four different types of GST as listed below:

The Central Goods and Services Tax (CGST)
The State Goods and Services Tax (SGST)
The Union Territory Goods and Services Tax (UTGST)
The Integrated Goods and Services Tax (IGST)

What is the highest rate of GST?

28%

What is reverse charge in GST?

Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply.

Who is father of GST in India?

Minister Atal Bihari Vajpayee

Who started GST first in India?

Genesis. The idea of moving towards GST was first mooted by the then Union Finance Minister in his Budget speech for 2006-07. Initially, it was proposed that GST would be introduced from 1st April 2010.

Which state accepted GST last?

“As of today, all the states and Union Territories (having assemblies), except the State of Jammu and Kashmir, have passed the State Goods and Services Tax (SGST) Act,” a finance ministry statement said.06-Dec-2021

What is the importance of GST?

GST prevents cascading of taxes by providing a comprehensive input tax credit mechanism across the entire supply chain. Such a seamless availability of Input Tax Credit across goods or services at every stage of supply will enable streamlining of business operations.

What do you mean by Goods and Service Tax Network?