The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a fresh portal aligned with the RERA Act and GujRERA rules, ensuring precision in project reporting. This revamped platform is a reliable source for the Income Tax and GST departments, preventing developers from manipulating information to alter their tax obligations.
Previously, developers exploited loopholes, submitting outdated visuals in quarterly progress reports (QPR) and misleading tax authorities about project completion to minimize tax liabilities.
However, the new mandate on the portal demands real-time images of the project site, making it impossible to obscure details from tax authorities.
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An insider highlighted, “Under the older RERA version (RERA 1.0), backdating photo uploads in quarterly reports led to inaccurate project completion records. This misinformation affected income tax and GST filings, based on completion percentages or actual project stage achievements. RERA 2.0 ends this by requiring real-time updates of project photos.”
According to RERA consultant CA Manan Doshi, developers must embrace this new portal equipped with advanced technology to provide precise physical progress data.
“In the coming days, both the income tax and GST departments will gain access to developers’ submitted data through their quarterly progress reports. The Gujarat RERA authority has mandated developers to utilize a newly launched app to accurately report the physical progress of their projects,” he elaborated.
Prompted by numerous appeals from stakeholders, GujRERA initiated RERA 2.0 on November 24, responding to the need for essential modifications in the previous RERA 1.0 portal, which had been operational for over five years.
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Sources indicate that the revamped portal will now concurrently conduct due diligence processes involving town planning, finance, and legal aspects, streamlining the registration procedure and ensuring swifter turnaround times.
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