Cabinet approves to convert GSTN into Govt entity

Source: The Hitavada      Date: 27 Sep 2018 08:50:03


Delhi Bureau and Agencies


THE Cabinet on Wednesday cleared a proposal to convert GST Network (GSTN) into a Government-owned company, Finance Minister Arun Jaitley said. Briefing reporters about the decisions taken in the Cabinet meeting, the Finance Minister said that 50 per cent stake will be owned by the Centre and the remaining by the States on pro-rata basis in the new structure.

Currently, the Centre and States together hold 49 per cent stake in the GST Network, the company that provides IT backbone to the new indirect tax regime. The remaining 51 per cent is held by five private financial institutions -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd. The proposal to convert GSTN into 100 per cent Government-owned company was earlier approved by the all-powerful GST Council.

The GSTN was incorporated as a private limited company on March 28, 2013 under the UPA Government. It is a Section 8 company under the new Companies Act and hence is a not-for-profit entity.

New domestic terminal building at Patna airport
THE Government on Wednesday approved construction of a new domestic terminal building and allied structures at Patna airport at a cost of nearly Rs 1,217 crore.
After construction of the new terminal building, the airport can handle 4.5 million passengers per annum (mmpa) from current level of 0.7 mmpa, an official release said.
The Cabinet Committee on Economic Affairs (CCEA) has cleared construction of the terminal and other allied structures at Patna airport at an estimated cost of Rs 1,216.90 crore, it added. According to the release, the project is part of the package for Bihar announced by Prime Minister Narendra Modi.

Govt clears several rlys project in C’garh
IN A significant decision for the tribal dominated areas of Chhattisgarh State, the Government has decided to go ahead with New Broad Gauge Electrified Line of 294.53 route Kms from Katghora to Dongargarh.  The decision taken by the Cabinet Committee on Economic Affairs (CCEA) during its meeting chaired by Prime Minister Narendra Modi in New Delhi on Wednesday, would not only provide rail connectivity to unserved areas of Chhattisgarh, opening them up for industrial development through movement of freight to the busy Jharsuguda-Nagpur section of Howrah Mumbai route by avoiding busy yards of Bilaspur, Champa and Durg stations but, would also benefit the districts of Korba, Bilaspur, Mungeli, Kabirdham and Rajnandgaon in the State.