The Gujarat Real Estate Regulatory Authority (GujRERA) has unveiled a new portal designed to align with the provisions of 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Previously, some developers would submit outdated photographs in quarterly progress reports (QPR) and provide misinformation about project completion to tax authorities to manage their profit tax liability.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 the 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 projects photos.”
RERA consultant CA Manan Doshi said that real estate developers must adapt to the new portal, which employs advanced technology to report accurate data on physical progress.
Read more at : The Times of India
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