Our Correspondent / New Delhi
The Goods and Services Tax (GST) Council has approved ownership change of GST Network (GSTN) structure. Briefing media after chairing the 27th meeting of the council today, Finance Minister Arun Jaitley said, 51 percent held by private entities to be taken over by the Government.
He said, Central and State Government will hold 50 percent each. He said, the collective share of state governments will be pro-rata divided among the states as per their GST ratios.
Mr Jaitley said, sugarcane farmers are in deep distress and a separate group of five ministers within two weeks will make a recommendation to meet contingency of this kind when the cost of a commodity is higher than its selling price. He said, the committee will be announced within next 2 days. He said, the current return filing mechanism under GST will continue for next six months.
The Minister said, there were several items on the agenda and detailed discussion was held on the first year’s revenue collection. He said, members expressed satisfaction over revenue growth.