RERA 2.0 portal ensures compliance with GST, income tax regulations

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Categories: GST Recent News

The Gujarat Real Estate Regulatory Authority (GujRERA) has unveiled a new portal designed to align with the provisions of the RERA Act and GujRERA rules. The platform also ensures that the Income Tax and GST departments receive accurate information about the project stage.

Previously, some developers would submit outdated photographs in quarterly progress reports (QPR) and provide misinformation about project completion to tax authorities to manage their profit tax liability. However, the new portal mandates developers to submit real-time photographs of the project site, eliminating the possibility of concealing details from tax authorities.

A source in the know said, “In the previous version of RERA (RERA 1.0), the upload of photographs during the filing of quarterly progress reports could be backdated, leading to inaccurate reporting of project completion. This incorrect reporting, in turn, affected income tax and GST filings based on the percentage completion method or actual achievement of project stages. With RERA 2.0, this practice will stop as the new portal mandates the real-time updating of live project photos.”

One of the Expert said that real estate developers must adapt to the new portal, which employs advanced technology to report accurate data on physical progress.

“In the future, both the income tax and GST departments will have access to data submitted by developers in their quarterly progress reports. Developers are now required to report the actual physical progress of their projects using an app launched by the Gujarat RERA authority,” he added.

GujRERA started RERA 2.0 on November 24, prompted by multiple representations from various stakeholders seeking necessary changes in the older RERA 1.0 portal, which had been operating for over five years. In the revamped portal, due diligence processes related to town planning, finance, and legal aspects will now be conducted simultaneously, streamlining the registration process and ensuring a faster turnaround, according to sources.

Source from: https://timesofindia.indiatimes.com/city/ahmedabad/rera-2-0-portal-ensures-compliance-with-gst-income-tax-regulations/articleshow/105607828.cms