The 27th GST council meeting has approved the Goods and Services Taz Network, which is a governmental entity, by laying over the 51% stake that is for being held for now by private characters. Finance Minister Arun Jaitley said that the 24.5 percent of GST network, is owned by the central government and the same percentage is owned by the state government. HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd own the remaining 51 percent. However the council has decided that the government will be buying the 51% too, thus making the GST a fully, governmental owned entity,
The council has also suggested that there might be 2% incentive for payments through digital use, and this is being done so that people will be attracted to the digital features more. Finance Secretary Hasmukh Adhia has also said that there will be feature of monthly payment that is going to be implement soon, six months at most.
The council also discussed the matter of imposing cess on Sugar and acknowledged that there is stress in that sector right now, and that they’re going to constitute a committee which is going to discuss about the commodities whose cost exceeds its price. “There were several items on the agenda and detailed discussion on the first year’s revenue collection. Members expressed satisfaction over revenue growth,” he said. The meeting was held after the GST has crossed 1 lakh crore milestone.