News:Goods and Services Tax Network(GSTN) has decided to make Aadhaar authentication mandatory for new dealers from January 2020 to check malpractices in GST.
About GST Network:
- The GST Network(GSTN) is a non-profit organization.It has been established to manage the entire IT system of the GST portal.
- This portal is used by the government to track every financial transaction and it also provides taxpayers with all services from registration to filing taxes and maintaining all tax details.
- The GSTN was initially held by the Central Government with 24.5% of shares while the state government held 24.5%.The remaining 51% were held by non-Government financial institutions.
- However,later it was made a wholly owned government company having equal shares of state and central government.
- The Aadhaar number is a verifiable twelve-digit unique identity number issued by the Unique Identification Authority of India (UIDAI) to the residents of India.
- It is linked with the resident’s demographic and biometric information.
- The Aadhaar project was conceptualised in the year 2006 and launched in the year 2009 with the creation of Unique Identification Authority of India(UIDAI).
- The Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act,2016 provides legislative backing to the project.