Monthly Compliance Roundup July 2024

The regulatory compliance landscape in India is highly dynamic, with an average of ~23 updates per day. In FY23-24 alone, there were as many as 8,331 updates w.r.t compliance requirements. These regulatory changes are notified on over 2,000 union, state, and local government websites in the form of notifications, directions, circulars, advisories, orders, amendments, and so on. More often than not, these regulatory updates pertain to crucial changes in procedures, dates, penalties, calculations, and applicable duties, among others. Staying abreast of the latest regulatory developments is essential for any business to avoid compliance errors and inadvertent lapses.