The first meeting of AMCHAM’s Tax, Tariff & Regulatory Affairs Committee for 2024-25 was held virtually on September 27th with 26 members in attendance. The meeting commenced with the introduction of the new leadership, Mr. Amit Rana, Chairman – Tax, Tariff & Regulatory Affairs Committee, AMCHAM and Corporate Tax Partner, PwC and Mr. Naveen Agarwal, Co-Chairman – Tax, Tariff & Regulatory Affairs Committee, AMCHAM and Office Managing Partner for Delhi NCR and U.S. India Corridor Leader, KPMG in India. The Chair and Co-Chair stressed that this would be an active year and beneficial to have representations together for reference to appropriate authorities. Mr. Amit Rana briefed members on key judicial pronouncements on income tax and GST and discussed the same. He also summarized the features of dispute resolution through Vivad Se Vishwas Scheme (VsV), 2024 and highlighted the rules issued by the notification dated September 20th, 2024. FAQs are awaited and once received, clarifications/suggestions would be taken up with the government. With the expectation that the government would be open to addressing concerns, it was decided that the committee will make a representation advocating that individual disputes forming part of an appeal where an issue can be continued in litigation be permitted so and one/others be settled in the interest of reducing the instances of outstanding cases of litigation. The committee discussed that since comprehensive review of the Income Tax Act, 1961 was in progress, AMCHAM should collate and contribute suggestions from the U.S. industry at the earliest with the aim to try and shape policy and benefit the U.S.-India trade relationship.