ICICI Bank has exited the GST Network, a company which facilitates collection of goods and services tax, by selling its entire 10% stake to 13 State governments for ₹1 crore.
The stake transfer will be completed by the end of March 2020, ICICI Bank said in a filing with the exchanges.
ICICI Bank has exited the company following the government’s decision to make GST Network into a public sector entity last year. The Centre will own 50% stake in the GST Network and the rest will be held by States on a pro-rata basis, in the new structure.
