Showing posts with label gst. Show all posts
Showing posts with label gst. Show all posts
Monday, September 11, 2017

Rera Impact On Real Estate Market | Smart Property in India

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Rera Update

RERA(real estate regulatory authority) is an act of 2016 which is made to protect the interest of home buyers and also to regulate the correct delivery of the project. this is to bring the transparency in real estate sector which was having many ambiguities earlier. It was complained  that real estate sector had many lopsided transactions which favoured builders or developers, so to remove all the complications between buyers and seller this act has been made.
although RERA is a central act but the authority to implement is totally on state govt as it is a state subject. this act is mandatory for each state and union territory to make their own regulator and frame the rules which are helpful for the functioning of regulator body.

Functions of RERA

The primary function of RERA is to protect the interest of home buyers and create a robust redressal system for any discrepancies in the project. To prevent the time lag an authority has been mandated to make an application within a time frame of 60 days.

Rules and effects of the act

1 Sharing information project plan, layout, government approvals, land title status, sub-contractors.
2 asserts on timely completion of projects and delivery to buyers.
3 cannot show any advertisements without registration on RERA
4 Formation of resident welfare association within three months after a majority of units have been sold.
5 Quality of construction increases due to defect liability period given to contractors.

What happens earlier was the fund collected for any real estate project was deployed in some other projects. to protect this diversions, the promoters are now required to invest 70 percent ot the project receivables in a separate reserve account. that fund will be used in land and construction purposes only

Which projects come under RERA
1 Commercial and residential projects including plotted development.
2 Those projects whose size is more than 800sq ft or 8 units
3 Projects without the completion certificate (CC) or occupancy certificate (OC) are also required to comply with the registration requirements under the Act

Apart from RERA'S outcomes and implication it was comes under the knowledge that with the advent of it,competition will be decreased as small developers who offer some price relief packages might cease to exist which is not a good news for us.


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Thursday, August 24, 2017

WHAT IS GST | Advantages of GST

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What is GST

ANS: GST (Goods and Services Tax) are the  Goods and service Tax . it was launched in 29th March, 2017 in India And effect came from 1st July ,2017. in whole Nation GST is indirect tax ,this make India one unified common market in the GST .
we have to buy a product on any city in same price .GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer . Credits of input taxes paid at each stage will be available in the subsequent stage of value addition , which makes GST essentially a tax only on value addition at each stage. GST Law has replaced many indirect tax laws in India. In the GST Goods and services tax are high . It is a single tax on the supply goods and services , right from the manufacturer to the consumer .


Advantages of GST:
1) – Removing cascading tax effect
2) – Higher threshold for registration
3) – Composition scheme for small business
4) – Online simpler procedure under GST
5) – Lesser compliances
6) – Defined treatment for E-commerce
7) – increased efficiency in logistics
8) – Regulating the unorganised sector
9) -GST will also help to build a transparent and corruption free tax administration.

GST

To know Good Information visit us: Smart Property in India
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