Nagpur: “Indian Economy underwent a major change with the introduction of two laws in 2017 – GST and RERA” said CA Sandeep Jotwani, past chairman of Nagpur branch of ICAI while speaking as a chief guest at a half-day seminar on GST on real estate and recent developments in RERA organised by the Nagpur branch of ICAI.
Jotwani pointed out that when the business community was passing through rigors of demonetisation; RERA was introduced immediately followed by GST on July 1. Many thought that date of the Act’s would be extended but were implemented with immediate effect. He pointed that whenever a new law is implemented, it is the chartered accountants who are looked upon to understand, interpret and get the provisions and procedures complied.
He proudly stated that the CAs have not only learned and interpreted but also explained the law to trade, business community, and multiple bodies as well as to the general public. Nowadays for a CA only being an expert in either Income tax or GST is not enough; a reasonable understanding of all the other laws is equally important to provide quality guidance to the clients.
He further pointed out that the time has come when CA as professionals should get ready for artificial intelligence taking over their routine jobs where major compliances will be performed by the software itself, and therefore they need to prepare themselves for it and specialize in Audit and providing consutancy apart from the routine work.
Jotwani informed that even today 47 per cent of the Indian investment remains parked in the real estate in spite of the sector facing number of challenges and therefore introduction of RERA was very important. It has brought a big opportunity as well as responsibility for the CAs. He listed out multiple new opportunities for CAs.
He added that the government was working very hard to push up the economy and the real estate sector with reduction in rates of GST for real estate sector. It is pertinent that ultimate benefit of the reduced tax rates should be passed on to the consumers.
Jotwani suggested all the CAs to foresee the future changes in the economy as well as their field area so that they prepare themselves beforehand to face the upcoming challenges.
“CAs are being looked upon for giving proper advice by the real estate industry”, said CA Suren Duragkar, Chairman, Nagpur branch of ICAI. The changes in law and new notifications and circulars in the laws like RERA and GST are frequent and to update the members about the same, Nagpur branch continuously organizes seminars.
CA Vishal Poddar from Nashik explained provisions of GST for builders and real estate. CA Chaitra Salankar from Nagpur gave a presentation on recent developments in RERA. He mentioned that a lot of responsibilities have been affixed on the builder community to comply properly with provisions of RERA. He explained penal provisions related to non compliance with RERA and shared practical judicial pronouncements under RERA for the benefit of members.
Saket Bagdia, Secretary of Nagpur branch conducted the programme. Prominently present on the occasion were Kirit Kalyani, Vice Chairman, Jitendra Saglani, Treasurer, Harish Rangwani, Study Circle Chairman, Julfesh Shah, Satish Sarda, Hemant Rajandekar and a large number of chartered accountants.