National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) (Download PDF)

()

Download PDF of This Page (Size: 279.65 K)

The Union Cabinet approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated at New Delhi.

Image of Goods and Services Tax

Image of Goods and Services Tax

Image of Goods and Services Tax

  • The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by its President and shall consist of one Technical Member (Centre) and one Technical Member (State).

  • The creation of the National Bench of the GSTAT would amount to one time expenditure of Rs. 92.50 lakh while the recurring expenditure would be Rs. 6.86 crore per annum.

Details:

  • Goods and Services Tax Appellate Tribunal is the forum of second appeal in GST laws and the first common forum of dispute resolution between Centre and States.

  • The appeals against the orders in first appeals issued by the Appellate Authorities under the Central and State GST Acts lie before the GST Appellate Tribunal, which is common under the Central as well as State GST Acts. Being a common forum, GST Appellate Tribunal will ensure that there is uniformity in redressal of disputes arising under GST, and therefore, in implementation of GST across the country.

  • Chapter XVIII of the CGST Act provides for the Appeal and Review Mechanism for dispute resolution under the GST Regime. Section 109 of this Chapter under CGST Act empowers the Central Government to constitute, on the recommendation of Council, by notification, with effect from such date as may be specified therein, an Appellate Tribunal known as the Goods and Services Tax Appellate Tribunal for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority.

  • Cabinet approves Amendment to the ‘Framework on Currency Swap Arrangement for SAARC Member Countries’ to incorporate ‘Standby Swap’ amounting to USD 400 million operated within the overall size of the facility

  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval for amendment to the ‘Framework on Currency Swap Arrangement for SAARC Member Countries’ to incorporate a ‘Standby Swap’ amounting to USD 400 million operated within the overall size of the Facility of USD 2 billion and build in flexibility with respect to modalities of its operation, such as period of swap, roll over, etc. after due consideration of conditions of requesting SAARC member countries and domestic requirements of India.

Salient Features

Due to heightened financial risk and volatility in global economy, short term swap requirements of SAARC countries could be higher than the agreed lines.

The incorporation of ‘Standby Swap’ within the approved SAARC Swap Framework would provide necessary flexibility to the Framework and would enable India to provide a prompt response to the current request from SAARC member countries for availing the swap amount exceeding the present limit prescribed under the SAARC Swap Framework.

Background:

  • Cabinet approved the Framework on Currency Swap Arrangement for SAARC Member Countries on March 1,2012 with the intention to provide a line of funding for short term foreign exchange requirements or to meet balance of payments crises till longer term arrangements are made or the issue is resolved in the short-term itself. Under the Facility, RBI offers swaps of varying sizes in USD, Euro or INR to each SAARC member country depending on their two months import requirement and not exceeding US $2 billion in total. The swap amount for each country has been defined in the above Facility, subject to a floor of USD 100 Million and a maximum of USD 400 Million. Each Drawal will be for three months tenor and upto maximum of two rollovers.

  • RBI will negotiate the operational details bilaterally with the Central Banks of the SAARC countries availing the Standby Swap.

- Published/Last Modified on: March 21, 2019

Policy/Governance, Economy, Committees/Govt. Bodies

Monthy-updated, fully-solved, large current affairs-2019 question bank(more than 2000 problems): Quickly cover most-important current-affairs questions with pointwise explanations especially designed for IAS, NTA-NET, Bank-PO and other competetive exams.