ICICI Bank sells entire stake in GST Network to 13 state governments

New Delhi: Private sector ICICI Bank on Friday said it has exited the GST Network, the company facilitating collection of the indirect tax, by selling its entire 10 per cent stake to as many as 13 state governments.

The stake sale is for aggregate cash consideration of Rs 1 crore, ICICI Bank said in a regulatory filing.

The stake transfer to various stake governments will be completed by the end of March 2020, it said.

The bank will transfer 0.14 per cent stake to the Assam government and 0.81 per cent stake to the Telangana government.

Besides, it will transfer Goa, Kerala, Manipur, Tripura, West Bengal, Delhi, Jharkhand, Uttar Pradesh, Chhattisgarh, Madhya Pradesh and Arunachal Pradesh governments 0.82 per cent stake each. ICICI Bank has exited the company following the government of India's decision to make GST Network into a public sector entity last year.

As per the decision, the Centre will own a 50 per cent stake in the GST Network and the remainder will be held by the states on a pro-rata basis in the new structure.