Detailed notes of Goods and services tax network for tax and cost accounting students.

1. PRESENTATION ON:-
POWERS AND FUNCTIONS
OF
GOODS AND SERVICETAX NETWORK
PRESENTATED BY:-
LATA DALABANJAN
SJMVS ARTS AND COMMERCE COLLEGE
FOR WOMEN POSTGRADUATION DEPARTMENT OF STUDIES IN COMMERCE
(M.COM)

2. What is the GSTN and its Full Form?
 The full form of GSTN stands for Goods and Services Tax
Network. It is a computerized online system created by the
Government of India to facilitate the implementation of the
Goods and Services Tax (GST). It provides a platform that
allows taxpayers to interact with the GST authorities and file
their taxes electronically. It is managed and operated by the
Goods and Services Tax Network Private Limited, also
known as GSTN Pvt. Ltd.

3.  The GSTN or GST Network was launched in 2017 and has
been designed to simplify the process of filing taxes and
make it more efficient.The purpose of GSTN is to provide a
centralized and secure mechanism for businesses to file their
taxes and provide the government with the necessary
information to manage the GST law.
➢Functions of GST Network
The GST Network plays the primary role of a
platform that provides IT services to the Government and
taxpayers. Its modern IT infrastructure helps perform
essential activities associated with GST without hassle. Some
essential functions performed by GSTN have been stated
below:

4. 1. Filing of Return
GSTN offers a unified system of filing returns for all
types of GST, including SGST, CGST, and IGST. GSTN
files a tax return and forwards it to the Government, and
it delivers the return to both the Central and State
governments.As a result, it has made filing hassle-free.
2. Registration
GSTN provides registration services by issuing GST
Identification numbers to the taxpayers.After registration
verification, the platform also files the details to send them
to the authorities.

5. 3. To Match Invoice
GST Network matches the purchase invoice with the
sale invoice to avoid errors.After uploading the B2B
invoices, the GST portal will check the invoice with the
respective suppliers.The error-free matching of invoices
allows taxpayers access to the benefits of the InputTax
Credit.
4.Analyse the Profile ofTaxpayers
Before registering with GST, it is necessary to verify the details
of the taxpayers.Taxpayers must submit all the necessary details
while applying for registration.After completing the verification,
details are forwarded for the approval of the Central and StateTax
authorities.

6. 5. Calculation of Integrated GST
Another essential function of GSTN is to calculate the
integrated GST. IGST is levied in case of an interstate supply
of goods and services.The revenue collected is equally
divided between the Central and State government.
6. Integration of Banking Network withTax Payment
Information
GSTN poses as the transaction medium between the
banks and the taxpayers. GSTN integrates the details of
taxpayers after the payment of taxes. RBI and GSTN prepare
the protocol to integrate the IT system of banks

7. 7. New Additional Functionalities of GSTN
GSTN has added some new additional functionalities
from time to time.These features and functionalities apply
to various activities, including return, payment, refund,
and many other topics.
➢Key Features of the GSTN
1. National Information Utility
The GST Network has been considered to be a
trusted National Information Utility(NIU).What this
means primarily is that the network is in charge of
providing reliable, strong as well as, seamless IT
infrastructure and information passing.

8. 2. GSTN Ownership
It is partially owned by the Central Government
(49%) and the rest by private players (51%) which
includes Banks and Financial Institutions
3. Robust Infrastructure and Complex Operations
The basic function of GSTN is to help taxpayers to
register themselves, make tax payments, and claim GST
returns to generate business analytics among others.
Furthermore, the network is also responsible for
calculating and settling the Integrated GST (IGST) along
with the InputTax Credit (ITC).The GSTN thus focuses
to provide holistic solutions to difficult and exhaustive
taxation solutions.

9. 4. Information Security
A major share of the GST network is owned by the
central government as compared to any other individual
player. Hence the major chunk of the responsibility for
confidentiality as well as the security of the information
provided by the taxpayers
.
The central government will handle the composition
of the board, special resolutions mechanism, shareholder’s
agreement, and the agreements made between the network
and other state governments.

10. 5.Payment
The GSTN has provided the taxpayers with the options
of payment through both online and offline methods-
- Online: Online payment can be availed through internet
banking.The RBI has allocated certain banks (Agency Banks
) for the same purpose with authority to collect payments
made in favor of GST.The taxpayer will have to make the
payment by selecting from a list of the agency banks
authorized by RBI to collect the tax.
- Once selected, the taxpayer needs to login to the respective
bank’s online portal and make the payment and download
the challan generated for the said payment of GST.

11. - Offline:Taxpayers can also make payments through offline
methods.The government has also made the provision of
payment of GST offline via “over the counter” payments.You
can directly visit the respective bank to make the payment for
GST. Bank will further notify the RBI as well as the GST
portal to update all the relevant details.
6. Expenses
The user charges will be paid solely by the Central
Government and the State Governments in equal proportion
(i.e. 50:50) on behalf of all users.The state share will be then
divided into individual states according to the number of
taxpayers in the state.

12. Objectives of GSTN
1. To provide a common platform through a portal to file
returns and process payments for all the states.
2. To connect taxpayers, Government, and stakeholders
through a single platform, ie, the GST portal.
3. To create an effective GST eco-system
4. To provide security and confidentiality to the taxpayers
5. To help the tax authorities to develop a transparent tax
system

13. 6.To offer a similar registration process for all types of GST
7.To give the insight of the taxpayers to the specified authorities
8.To provide efficient services based on IT infrastructure for the
smooth payment of taxes
9.To develop taxpayer profile utility.
THANKYOU