GST Network: Meaning, Role, Structure and Importance

The Goods and Services Tax Network, which is known popularly by its acronym GSTN, is a non-governmental as well as non-profit network. It provides its infrastructure and dedicated service to the centre and states of the Indian subcontinent – to the government as well as the taxpayers

The portal acts as the hub to track every financial transaction whilst providing taxpayers with tailored services related to GST, e-way bill, e-invoice and more. Simply said, it manages all things GST, from the registration of the company to the maintenance of every tax detail.

The Goods and Services Tax Network offers an efficient platform for all activities related to GST. The GSTN also enables all taxpayers to file their returns after registering, manage their GST transactions and make use of the various tools related to tax processes.

As mentioned earlier, GSTN is a non-profit government company with limited shares. It is headed by the Chairperson, as appointed by the government while the CEO is the person in-charge of all the overall functions of the GSTN.

Previously, 51% shares were owned by the private players like HDFC, LIC Housing Finance Ltd. ICICI Bank. But this status has changed since the GSTN board meeting held on 30th June 2022, with converting GSTN into a 100% government owned company with equal parts shared with the Union Government (50%) and State & UT governments (50%).

In order to understand the importance of GST Network, it is imperative to go through the basic features as well as functions of GSTN or Goods and Services Network, viz.:

Features of GSTN