India's Goods and Services Tax (GST) regime has significantly altered the landscape of indirect taxation in the country, aiming to streamline processes, 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-compliant 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 prevent 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. It's also vital to stay informed about GST Council updates, adapting business 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 reporting requirements for various types of entities, and the levy of GST on imports. This publication is a general advisory due to its limited scope. For queries on your business exposure to the GST system and managing your GST compliance, please reach our tax experts at [email protected]. | 
