Key highlights of the publication
- Important updates/announcements: The Finance Ministry has notified the setting up of 31 benches of the Goods and Services Tax Appellate Tribunal (GSTAT) across 28 states and eight union territories, with states such as Uttar Pradesh, Rajasthan, and Karnataka having multiple benches. The establishment of the GSTAT has been a long-awaited milestone announced after a six-year wait. This action will expedite the resolution of tax disputes and provide certainty regarding litigation under GST.
- Key judicial pronouncements: On the judicial front, the SC has held that the appellant can seek restoration of the appeal when it is unsuccessful in benefiting from the amnesty scheme. The SC noted that the withdrawal of the appeal was a pre-condition under the amnesty scheme. However, this did not prevent the appellant from pursuing its statutory remedy.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has amended the rules for the valuation of the perquisite in case of rent-free accommodation or accommodation at a concessional rate provided by the employer.
