New Delhi:The Union Finance Minister ArunJaitley-led Goods and Services Tax Council, comprising state finance ministers, will meet through video conferencing. The meeting comes at a time when GST collections achieved its record high by exceeding Rs 1 lakh croremilestone in April.The 27th meeting of the GST Council on Friday will consider the introduction of simplified tax return form, incentives for digital payments and a proposal to convert GST Network into a government company.

A decision on simplification of tax return form is on the agenda with the SushilModi-led group of ministers (GoM) putting the three models of new form for discussions before the council, sources said. The council will also consider converting GSTN into a government-owned company with the equal holding of states and the Centre. Currently, five private financial institutions -- HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd -- hold 51 per cent stake in GSTN, which was incorporated on March 28, 2013, in the erstwhile UPA regime. 

The remaining 49 per cent stake is with the Centre and states. Jaitley had earlier this month asked Finance Secretary HasmukhAdhia to "examine the possibility" of converting GSTN into a majority government company or a 100 percent government company. GSTN provides the IT backbone for the new indirect tax regime. As Jaitley has been advised by doctors to stay in isolation to avoid contracting infection, the meeting would be conducted through video conferencing, sources said.