GSTN, Short for the Good and Service Tax Network is a non-governmental, non-profit corporation. This provides all federal and state governments with common This infrastructure and operation, including taxpayers and other stakeholders.
GSTN will offer Front End Registration Services, Return and Payments to all taxpayers. In short, it will serve as the government’s interface with taxpayers.
Structure of GSTN
One of a kind and complex IT initiative, the GST System Project is. What makes it unique is the way it first seeks a uniform taxpayer interface and a common and shared IT infrastructure between Center and States.
Speaking about its composition, private companies have a 51% stake in the GSTN and the remainder is government controlled. The GSTN’s authorized capital is Rs. 10 Crores (US$ 1.6 million), out of which the equally divided percentage is 49% between Central and State Government and the rest is with private banks.
In addition, a non-recurring grant of Rs. 315 Crores was also approved for the GSTN. Infosys and September 2015 took on the vast and complex technical backend growth.
The GSTN is led by Dr. Ajay Bhushan Pandey (Chairman), a servant of the Indian Administrative Service (1984 batch IAS) and GSTN CEO Shri Prakash Kumar.
|State Governments & EC||24.5%|
|NSE Strategic Investment Co||10%|
|LIC Housing Finance Ltd.||11%|
The GSTN is a dynamic information technology program. This will create a standard taxpayer interface and a common and shared IT infrastructure between the Centre and the State.
- Trusted National Information Utility
The GSTN is a trusted National Information Utility (NIU) that provides reliable, Secure and robust IT backbone for GST smooth operation in India.
- Handles Complex Transactions
GST is a Tax dependent on destination. The Government-level adjustment of IGST (for inter-state trade) (Center & Various States) will be extremely complex, considering the sheer volume of transactions across India. Only when there is a solid IT infrastructure and Service backbone that collects, stores and shares information would a rapid resolution mechanism between the States and the Centre be feasible.
- Trusted National Information Utility
- All information will be Secure
The Government will have strategic control over the GSTN as all taxpayers information needs to be kept confidential and Secure. The Central Government would have power over the Board’s composition, Special Resolution and Shareholders Agreement processes and GSTN agreements with other state governments. The shareholding trend is also such that 49% of the government’s shareholding is far higher than any private entity.
- Expenses will be Shared
The user fees would be charged in equal proportion (i.e.50:50) on behalf of all users in full by the central government and the state governments. The state share would then be divided in proportion to the amount of taxpayers in the state to individual states.
|Volume of expenses||Type of expenses|
|Maximum Expenses||IT system conceived by Infosys|
|2nd Part||Fraud Analytics Tools, Security audit and other security functions (on tender basis will be outsourced).|
|3rd Part||Expenses such as salary, rent, office costs, internal IT facilities.|
Function of the GSTN
GSTN is the cornerstone of the growing portal and IT is the taxpayer-government interface. The entire GST process is online from registration through to return filing. It must support around 3 Billion invoices per month and the subsequent filing of returns for 65 to 70 lakh taxpayers.
The GSTN handles:
Registration of the GSTN
The GST Network, as mentioned earlier, is an Online portal that forms the interface between the taxpayer seeking to register GST under the New Tax Laws and Government. GSTN issues the GST Identification Number to the respective taxpayer and as soon as the registration is checked, files the details with the tax authorities concerned.
As the country is becoming digitally oriented, there is a lot of digitally run industry. The State is also promoting this to boost tax enforcement. The GSTN is used as a test enforcement. The GSTN is used as a test bed for fully digital government operation.
Since the network is so vast and complex,, the manner in which it is handled will provide the government with valuable data on how to create a digital government network that spans many departments.
TaxPayer Profile Analysis
If a taxpayer wishes to apply for GST, all of the taxpayer’s specific details are checked and then they are sent for approval to both the central and state tax authorities.
Some GSTN supplementary duties
In addition to handling the simple tax filing and tax returns, GSTN has a few other duties to handle taxes.
- IGST (Integrated GST) assessment and payment of.
- Integrating the Banking Network (Agency Banks) with details of tax payments.
- Managing the Input Tax Credit Calculator.
- Reporting the MIS to Government.
How to Apply for GSTN
First and foremost, to apply for GSTN, you need a valid Mobile Number, an Email Address and a PAN for the respective business. You can follow the registration steps given here:
- Go to GST Site:- https://www.gst.gov.in/
- Then select an option to register with GST and fill in the specific details as requested.
- Click on proceed after entering the details.
Disaster Recovery for GSTN
Now in the modern world, cyber attacks are the norm. Everywhere hackers are trying various tricks to break into banks, ATMs and other digital financial services to try to steal data and money.
To withstand a cyber attack, a strong information technology infrastructure is needed, which is why a centrally controlled robust IT network is essential to the management of the financial services of the country and is one of the key functions of the GSTN.
Environmental disasters are another growing threat in the modern world, too. Threats from floods, earthquakes and storms are severe and can cause considerable damage. It is necessary to have a strong backup and disaster management system and that is also a major feature of GSTN.
The Goods and Service Tax Network was developed overall to ensure a safe and secure system for financial transactions in relation to the GST. This helps transparently bind both the user and the taxing agency.
The GSTN also helps taxpayers to measure and file taxes in a safe and secure manner and to access all relevant information about their situation. It is a work in progress and it is likely that there will be more changes in the future, particularly with the GSTN increasing its reach. It is very important that we check regularly to see what is being offered.
Details of GSTN through Videos
Conclusion of GSTN – Goods and Service Tax Network
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