Unfortunately, this LCD is not quite plug-and-play and does require some modification of your config.txt file.
Open the config.txt file
Add the following code to the end of your config.txt file
hdmi_force_hotplug=1 hdmi_ignore_edid=0xa5000080 hdmi_cvt=480 480 60 hdmi_group=2 hdmi_mode=87 hdmi_timings=480 0 144 10 246 480 0 20 10 102 0 0 0 60 0 32000000 1 display_rotate=2
Save the changes and reboot your Raspberry Pi for the changes to take effect