CURRENT AFFAIRS

Detailed explanation-1: -Goods and Services Tax Network (GSTN) is a Section 8 (under new Companies Act, not for profit companies are governed under section 8), non-Government, private limited company. It was incorporated on March 28, 2013.

Detailed explanation-2: -The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid down 1st April, 2010 as the date for the introduction of GST in the country.

Detailed explanation-3: -The Board of GSTN in its 49th Board Meeting held on 30th June, 2022 has approved the conversion of GSTN into Government Company and hence 100% of the shareholding being held by Government (50% with Union Government and 50% jointly with State Governments & UTs) in GSTN.

Detailed explanation-4: -GSTN stands for Goods and Services Tax Network. It is a not for profit section 8 company, established primarily to assist the rollout and implementation of GST and to act as the nodal agency to assist in terms of IT infrastructure and services to the Central, State Governments, taxpayers and general public.

Detailed explanation-5: -France was the first country in the world to implement Goods and Services Tax (GST).