Gujarat RERA 2.0 Revolutionises Real Estate Reporting, Enhances Tax Compliance

Gujarat RERA 2.0 Revolutionises Real Estate Reporting, Enhances Tax Compliance

Gujarat’s real estate transformation with RERA 2.0 – A portal ensuring accuracy, transparency, and tax compliance for developers.

The Gujarat Real Estate Regulatory Authority (GujRERA) has started a new era with the launch of RERA 2.0, a portal to align seamlessly with the RERA Act and GujRERA regulations. This platform ensures adherence to legal provisions and introduces a feature that tightens the grip on income tax and GST compliance.

In the past, developers occasionally exploited gaps in reporting by submitting outdated photographs in quarterly progress reports (QPR), leading to misinformation about project completion and manipulating profit tax liabilities. The new portal, however, mandates real-time submission of project site photographs, eliminating the room for developers to conceal vital details from tax authorities.

A source disclosed, “Under the previous RERA version (RERA 1.0), the upload of photographs during quarterly progress reports could be backdated, resulting in inaccurate project completion reporting. RERA 2.0 ends this practice by enforcing real-time updates of live project photos.”

Renowned RERA consultant CA Manan Doshi, emphasised the necessity for real estate developers to embrace this technological leap. “The new portal requires developers to report the actual physical progress of their projects using an app launched by the Gujarat RERA authority. This ensures accurate data submission to both income tax and GST departments,” he stated.

GujRERA initiated RERA 2.0 on November 24, responding to numerous representations from stakeholders seeking vital improvements in the ageing RERA 1.0 portal, which has been operational for over five years. The revamped portal concurrently conducts due diligence processes related to town planning, finance, and legal aspects, streamlining registration procedures and promising a faster turnaround time, as per insider information.