This document is the 408th issue of the Tax Connect newsletter, dated 25th June to 1st July 2023. It delves into a significant GST ruling by the Maharashtra AAR concerning channel discounts provided by OEMs, clarifying whether they are discounts or supply of services. The issue also includes updates on Income Tax, including amendments to the New Tax Regime, GST notifications, FEMA circulars, Customs case laws, and DGFT notifications. It's a valuable resource for traders, wholesalers, retailers, and tax professionals seeking to stay informed on recent tax regulations and interpretations.