Priyanka Kumari | Dec 1, 2023 |
Gujarat RERA Launches new portal ensuring GST and Income Tax Compliance
The Gujarat Real Estate Regulatory Authority (GujRERA) has launched a new portal designed to comply with the provisions of the Real Estate Regulatory Authority (RERA) Act and Gujarat Real Estate Regulatory Authority (GujRERA) guidelines.
The platform further guarantees that the Income Tax and GST departments get appropriate project stage information.
Earlier, a few developers would submit outdated images in quarterly progress reports (QPR) and provide false information about project completion to tax authorities to control their profit tax liability.
The new portal, on the other hand, requires developers to submit real-time images of the project site, removing the potential of hiding facts from tax officials.
According to a source, in the prior version of RERA (RERA 1.0), the upload of images at the time of filing quarterly progress reports could be backdated, resulting in inaccurate reporting of project completion.
As a result of the inaccurate reporting, income tax and GST filings based on the percentage completion method or actual attainment of project phases were impacted. This practice will come to an end with RERA 2.0, as the new portal requires real-time updating of live project images.
According to Manan Doshi (CA RERA consultant ), real estate developers must adapt to the new portal, which uses innovative technology to provide accurate data on physical progress.
Both the income tax and GST departments will have permission to use data submitted by developers in their quarterly progress reports (QPR) in the future. Developers must now disclose the actual physical progress of their projects via an app launched by the Gujarat RERA authorities.
GujRERA launched RERA 2.0 on November 24, citing various representations from multiple stakeholders requesting modifications to the existing RERA 1.0 portal, which had been in operation for more than five years.
Due diligence activities about town planning, finance, and legal elements will now be undertaken concurrently via the updated portal, shortening the registration process and providing a speedier turnaround.
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