July 5, 2017 9:13 PM

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Home ministry gives security clearance to GSTN

Home Ministry has given security clearance to the Goods and Services Tax Network,GSTN, paving the way for its operationalisation soon. GSTN is a company that provides technology backbone for the new tax regime. A Home Ministry official said security clearance to it was delayed as the Ministry was examining threat perception to national security from any of the stakeholders. In the GSTN, five private institutions have 51 per cent equity. <br/><br/>The Central government has 24.5 per cent equity, whereas state governments, two Union territories and the empowered committee of state finance ministers together hold another 24.5 per cent stake in it. The GSTN has been working overtime to ensure a smooth registration, and all the tax assessees have been given a provisional ID, using which they can start transacting business with the implementation of the GST.

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