The 27th GST (Goods and Services Tax) Council meet on Friday approved making the GST (Goods and Services Tax) Network a government entity by taking over 51% stake that is currently being held by private entities, says Union finance minister Arun Jaitley, reported PTI. The GST Council, the highest decision making body of GST regime, also deferred a decision on levying a cess on sugar and referred the issue of incentivising digital payments to a group of state finance ministers. The GST Council meet on Friday was held via video conferencing. Mr Jaitley further said that the central government will own 50% in the GST Network, while the states will collectively hold the remaining half stake. Currently five private financial institutions HDFC, HDFC Bank, ICICI Bank, NSE Strategic investment and LIC housing finance together hold 51% stake in the GST Network.

The 27th GST (Goods and Services Tax) Council meet on Friday approved making the GST (Goods and Services Tax) Network a government entity by taking over 51% stake that is currently being held by private entities, says Union finance minister Arun Jaitley, reported PTI. The GST Council, the highest decision making body of GST regime, also deferred a decision on levying a cess on sugar and referred the issue of incentivising digital payments to a group of state finance ministers. The GST Council meet on Friday was held via video conferencing. Mr Jaitley further said that the central government will own 50% in the GST Network, while the states will collectively hold the remaining half stake. Currently five private financial institutions HDFC, HDFC Bank, ICICI Bank, NSE Strategic investment and LIC housing finance together hold 51% stake in the GST Network.