Goods and Service Tax Network (GSTN), the company that processes GST returns, has rolled out auto-populated monthly tax returns for businesses, which makes tax filings easier and improves compliance.
Context
- Goods and Service Tax Network (GSTN), the company that processes GST returns, has rolled out auto-populated monthly tax returns for businesses, which makes tax filings easier and improves compliance.
About
What is GSTN?
- The Goods and Service Tax Network (GSTN) is a non-profit, non-government organization.
- Goods and Services Tax Network (GSTN) is a Section 8 (under new companiesAct, not for profit companies are governed under section 8), non-Government, private limited company.
- It was incorporated on March 28, 2013.
- It will manage the entire IT system of the GST portal, which is the mother database for everything GST.
- This portal will be used by the government to track every financial transaction, and will provide taxpayers with all services from registration to filing taxes and maintaining all tax details.
- Private players own 51% share in the GSTN, and the rest is owned by the government.
- The authorized capital of the GSTN is ?10 crore (US$1.6 million) of which 49% of the shares are divided equally between the Central and State governments.
- The GSTN will handle Invoices, Various returns, Registrations and Payments & Refund.
