“Indian Economy is witnessing fast pace of reforms because of major policy decisions of Central Government in recent past. Teething problems in the implementation of GST are getting resolved. Real Estate Regulation Act [RERA], the much needed tool to ensure financial discipline in the real estate sector, has now grown up reasonably and is being followed meticulously by the builders fraternity. Both the Acts being GST and RERA are aimed at bringing much needed transparency in the Indian Economy and getting the same on the fast moving track to achieve the enviable mark of 5 Trillion USD Economy, by Year 2024. Chartered Accountants of India are the real back bones and playing crucial role, as well, in ensuring desired financial discipline through the said acts”, said CA Girish Vazalwar, Past Chairman of Nagpur Branch of ICAI.
CA Girish Vazalwar, was speaking as Chief Guest, on the occasion of Full Day Seminar on GST and Real Estate, organized by the Nagpur Branch of the Institute of Chartered Accountants of India. He praised the initiatives taken by ICAI for taking regular seminars on GST and RERA and educating not only the chartered accountant consultants but also the general public at large.
“Chartered Accountants are an important part of financial discipline in our country”, said Shri Anil Nair, Chairman of Builders Association of India, Nagpur Chapter and Past President, CREDAI while speaking as a Guest of Honor on the occasion. He reminisced a very fruitful session on provisions of RERA at the time of introduction of RERA taken along with CA Institute for the Builders of the city. He remarked that the provisions of RERA has now been successfully accepted and implemented by the Builder Community and the awareness level is optimum. He remarked that Chartered Accountants played a vital role in its effective implementation. The real estate sector is reeling under heavy pressure due to low demand and rising material cost. He richly acknowledged the great steps taken by Central government in revival of real estate sector.
CA Abhijit Kelkar, RCM, took the opportunity to update the members with respect to the happenings at Regional Level, for the sake of members and students of the fraternity. He wished all success to the Team Nagpur, for carrying their endeavours, before concluding his remarks on the occasion.
CA Suren Duragkar, Chairman of the Branch, extended warm welcome to the Chief Guest, Speakers and the delegates present. Adding apt words to his deliberation, he briefed the members present about the due efforts of Team Nagpur to ensure best possible service to the fraternity. He duly expressed his gratitude to the speakers CA Ramesh Prabhu and Adv. Suyog Nawal, from Mumbai, for agreeing to share their rich treasure of experience and knowledge in the most happening field of GST and RERA. CA Suren Duragkar, duly remarked that the real estate sector is experiencing steady growth and a reasonable boom is expected in near future, as well. Positive steps of Indian Government, in the concerned regulatory areas, clearly are indicative of the same, he remarked. In such scenario, the professionals are expected to sharpen their respective axes of knowledge and serve the clients excellently, he remarked. With this in mind, Nagpur Branch has planned the seminar at right juncture, he added. He concluded his words by wishing the delegates a joyful and effective learning sessions.
CA Ramesh Prabhu, Mumbai, a very sought after Faculty for RERA, also known as Housing Guru, very effectively dealt with the topic. He shared his rich treasure of knowledge and compelled the audience to stay glued at their respective places, during his effective deliberation with respect to various crucial provisions of the Act including Updates on RERA, provisions for Certification by Chartered Accountants and Audit under the provisions of the Act. He very effectively guided the participants and shared practical tips to deal with the situations. He also lent much needed approach to properly interpret the provisions of the Act.
Adv. Suyog Nawal, Mumbai, also played his role effectively and lent due updation to the knowledge bases of delegates with respect to the crucial provisions of the GST Act concerning Real Estate transactions. He explained lucidly the members present about the transformation from old system of taxation for real estate sector to new simple tax regime of 1% tax for residential / 5% for Commercial projects. The issues related to completion stage of project was also effectively explained by him. He along with CA Ramesh Prabhu resolved the queries of members very effectively, in the Question Answer session.
CA Kirit Kalyani, Vice Chairman of the Branch, coordinated the inaugural event for the Full Day Seminar on GST and Real Estate, which proved very beneficial for the 150 chartered accountant members present on the occasion.
Technical sessions were coordinated by CA Akshay Gulhane and CA Harish Rangwani, Executive Committee members. Vote of Thanks was proposed by CA Saket Bagdia, Secretary of the Branch.Prominently present on the occasion were CA Jiten Saglani, Treasurer, CA Sanjay Agrawal, Chairman WICASA, CA G. D. Sharma, CA Zulfiqar Hussain, CA Preeti Khandagale and a large gathering of CA Members.