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The Gujarat Real Estate Regulatory Authority (GujRERA) has unveiled a cutting-edge online portal aligning with the RERA Act and GujRERA rules. Developers are now obligated to report genuine physical progress through an app launched by the GujRERA authority. This platform not only ensures compliance but also guarantees precise reporting of project statuses to both the Income Tax and GST departments.
The need for this transformative step became apparent as certain developers were submitting outdated photos in their quarterly progress reports, misleading tax authorities about project completion to manipulate their profit tax obligations. The newly launched portal mandates developers to share real-time pictures of project sites, putting an end to practices that concealed information from tax authorities.
The latest website was launched by Gujarat RERA on November 24 in response to persistent requests from stakeholders for essential modifications in the previous RERA portal, which had been operational for over five years. An informed source highlighted a loophole in the earlier RERA version (RERA 1.0), where developers could retroactively upload photos during quarterly progress reports, leading to inaccuracies in project completion representation.
The consequences of this flawed reporting extended to income tax and GST filings, impacting the percentage completion method or actual achievement of project stages. However, with the introduction of RERA’s new website developers are now required to update project photos in real-time, mitigating the risks associated with inaccurate reporting.
CA Manan Doshi, a consultant for RERA, emphasised the necessity for real estate developers to embrace the new portal. Looking ahead, both the income tax and GST departments will have access to data submitted in quarterly progress reports, a crucial shift in accountability. He stressed the incorporation of advanced technology to provide precise information about the physical progress of projects.
Notably, the updated portal streamlines tasks related to town planning, finance, and legal aspects concurrently during due diligence. This strategic enhancement simplifies the registration process and ensures a faster turnaround, aligning with the evolving needs of the real estate sector.
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