Why in news? Lok Sabha passed Finance Bill, 2023 with 64 amendments, including one that seeks to set up the much-awaited GST Appellate Tribunal (GSTAT).

Highlights:

• Goods and Services Tax (GST) Appellate Tribunal framework may permit the resolution of disputes involving dues or fines of less than 50 lakh by a single-member bench.
• The Tribunal is likely to be headed by a former Supreme Court judge or a former Chief Justice of a High Court.
• The government will set up a principal bench of the appellate tribunal in New Delhi which will consist of a president, a judicial member and two technical members representing the Centre and state.
• State benches will be set up, which will include two judicial members, and two technical members representing the Centre and state.
• The cases above Rs. 50 lakh threshold will be adjudicated by one technical member and one judicial member.
• New tax tribunal expected to address pile-up of unresolved legal cases, thus lowering the burden on courts and taxpayers.