New Delhi, Sep 26 (UNI) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved increasing of Government ownership in Goods and Services Tax Network (GSTN) and change in the existing structure with a transitional plan.

Addressing a press conference after the Cabinet meeting, Union ministers Arun Jaitley and Ravi Shankar Prasad said change in the existing structure with transitional plan includes acquisition of entire 51 per cent equity held by the Non-Government Institutions in GSTN equally by the Centre and the State Governments and allowing GSTN Board to initiate the process for acquisition of equity held by the private companies.

The restructure GSTN, with 100 per cent government ownership shall have equity structure between the Centre (50 per cent) and the states (50 per cent).

To allow change in the existing composition of the Board of GSTN inducting three directors from the Centre and the states and three other independent directors to be nominated by the Board of Directors and one Chairman and the CEO. Thus the total number of Directors is 11.

UNI RSA SB 1706