1、Goods and Services Taxes in India 2024Understanding the Goods and Services Tax Regime in IndiaPreparing for GST Compliance ObligationsImpact of the GST Regime on Imports in IndiaPg 04Pg11Pg 21Issue 59 April 2024|www.india-From Dezan Shira&Associates IndIa BrIefIng Issue 59 April 20242IntroductionCre

2、ditsPublisher-Asia Briefing Media Ltd.Lead Editor-Melissa CyrillContributors-Archana Rao,Divyansh ShrivastavaDesigners-Miguel Enrico Anciano,Aparajita ZadooIndias Goods and Services Tax(GST)regime has significantly altered the landscape of indirect taxation in the country,aiming to streamline proces

3、ses,reduce cascading tax,and enhance compliance.However,managing compliance under GST can be complex,requiring businesses to stay vigilant and proactive.Accurate record-keeping is paramount,with businesses needing to meticulously document transactions,invoices,purchases,sales,and returns using GST-c

4、ompliant accounting software.Timely filing of GST returns is crucial,adhering strictly to prescribed timelines to avoid penalties and interest charges.Input Tax Credit(ITC)reconciliation is another critical aspect,requiring businesses to regularly reconcile claimed credits with vendor details to pre

5、vent discrepancies and potential penalties.Engaging with qualified tax professionals or consultants can provide invaluable guidance,assisting in compliance activities and offering strategic advice to optimize tax liabilities.Its also vital to stay informed about GST Council updates,adapting business

6、 processes to align with evolving regulations and leverage opportunities for simplification or rationalization.In this tax issue from India Briefing,we discuss the framework of the GST regime,including updates in 2024,the latest GST rates applicable on goods and services,compliance obligations and r