Home GST A New Web Portal for Ensuring Correct Details of Projects to I-T and GST Departments

A New Web Portal for Ensuring Correct Details of Projects to I-T and GST Departments

A New Web Portal for Ensuring Correct Details of Projects to I-T and GST Departments
GujRERA New Portal for Helping Income Tax and GST Department

The Gujarat Actual Property Regulatory Authority (GujRERA) has launched a recent portal aligned with the RERA Act and GujRERA guidelines, making certain precision in venture reporting. This revamped platform is a dependable supply for the Earnings Tax and GST departments, stopping builders from manipulating info to change their tax obligations.

Beforehand, builders exploited loopholes, submitting outdated visuals in quarterly progress stories (QPR) and deceptive tax authorities about venture completion to reduce tax liabilities.

Nonetheless, the brand new mandate on the portal calls for real-time pictures of the venture website, making it inconceivable to obscure particulars from tax authorities.

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An insider highlighted, “Below the older RERA model (RERA 1.0), backdating photograph uploads in quarterly stories led to inaccurate venture completion data. This misinformation affected earnings tax and GST filings, primarily based on completion percentages or precise venture stage achievements. RERA 2.0 ends this by requiring real-time updates of venture photographs.”

In response to RERA advisor CA Manan Doshi, builders should embrace this new portal outfitted with superior expertise to supply exact bodily progress knowledge.

“Within the coming days, each the earnings tax and GST departments will acquire entry to builders’ submitted knowledge by their quarterly progress stories. The Gujarat RERA authority has mandated builders to make the most of a newly launched app to precisely report the bodily progress of their initiatives,” he elaborated.

Prompted by quite a few appeals from stakeholders, GujRERA initiated RERA 2.0 on November 24, responding to the necessity for important modifications within the earlier RERA 1.0 portal, which had been operational for over 5 years.

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Sources point out that the revamped portal will now concurrently conduct due diligence processes involving city planning, finance, and authorized facets, streamlining the registration process and making certain swifter turnaround instances.

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