The interactive seminar focused on simplifying the complexities of the revised GST regime and ease of compliance pertaining to the realty industry
Mumbai, 6th May 2019: Apex real estate body National Real Estate Development Council in association with KPMG conducted a knowledge seminar on the revised Goods and Services Tax structure for the real estate sector. The developers, as well as the affiliated fraternity, faced a challenging situation in identifying the change in the tax regime and regulatory implications which was announced in the month of February 2019. This initiative enabled all stakeholders of the industry right from developers to bankers and government agencies to break down GST into fragments and understand the nitty-gritty. The Dignitaries like Ms Sungita Sharma, Head, CGST, Mr Rajiv Jalota, IAS, Commissioner of State Tax, Maharashtra, Dr Niranjan Hiranandani, National President, NAREDCO, Adv. ShaileshSheth, CA Rajkamal Shah, CA Samir Sanghvi, CA Kirti Shah were a part of the seminar and shared learning with everyone present there.
Speaking on the occasion, National President of NAREDCO, Dr Niranjan Hiranandani said, “We are optimistic to convert concealed challenges into opportunities that are affecting the real estate industry. The revised GST rates are a welcome move and a major step taken by the government to give a boost to the real estate sector. It is essential for every developer to understand the functionalities of the new tax regime and this seminar is directed towards the same motive. NAREDCO as a body as always is inclined towards the betterment of the fraternity and is driven to elevate the status quo of Indian Real Estate Industry in the global map.
“The technicalities of revised GST and tax structure are very crucial to understand to achieve maximum benefits. While the developers are thankful about the reduced rates, most of them are not aware when it comes to implementation of the same. To address this concern, NAREDCO organized a knowledge exchange seminar for the developers and other fraternity related to the real estate industry. We are thankful to the participants who attended the seminar to gain and share knowledge as this is the need of the hour in the industry. Thankful to the PM, FM and GOM for hearing and sorting out the issue of GST for the consumer on the whole and simplifying the same for the industry.” said Mr Rajan Bandelkar, President, NAREDCO West.
“The new tax structure is better as the rates are reduced and a thorough understanding about development rights, lease agreement, etc. has increased, thus portraying an overall positive sign. Though complexities are there, but definitely that can be solved with educating the fraternity. Hence, it is time to we reinstate our faith in the new tax regime and its legalities and not get afraid.” said Sungita Sharma, Head of Central GST in Mumbai.
Understanding the issues faced by the developers with regards to absorption of the earlier GST regime introduced initially in 2017, the government assigned a Group of Ministers to address the concerns of real estate fraternity. As a result, the revised GST rates of 1% without Input Tax Credit on affordable homes and 5% with ITC on general housing was brought into action from April 1st 2019. However, understanding the details of the new tax structure is crucial. With the motive to make the compliance easy and viable, this seminar by NAREDCO took shape.
National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Poverty Alleviation, Government of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector. The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success. NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes.
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