Q1. Consider the following statements regarding the Goods and Services Tax Network (GSTN): (I) It is a non-government, private limited company. (II) It is a not-for-profit company. Select the correct answer using the code given below:
A I only
B II only Correct
C Both I and II
D Neither I nor II
Explanation
GSTN was originally incorporated on 28 March 2013 as a private limited, not-for-profit company under Section 25/Section 8. However, GSTN became a Government Company with effect from 30 June 2022 after 100% of its shareholding came to be held by the Union Government and State Governments/UTs. Therefore, statement I is not correct in the present form, while statement II remains correct. Hence, option B is correct.