Regulatory issues architectural projects
Yes, during the tax year in India, there were several Regulatory issues architectural projects that needed special attention in the realm of architectural projects.
One notable concern revolved around the Goods and Services Tax (GST) implementation. Architects and architectural firms had to ensure proper classification of services under the GST structure, as architectural services were subject to taxation under the new regime.
Additionally, understanding the correct rate of GST applicable to architectural services was crucial to avoid any compliance issues.
Another aspect that demanded special attention was the Real Estate (Regulation and Development) Act, 2016 (RERA). While RERA primarily pertains to real estate developers, architectural projects play a significant role in the design and planning of these properties.
Architects had to ensure that their projects aligned with RERA regulations, especially in terms of project timelines, quality standards, and transparency in communication with clients.
Furthermore, compliance with environmental regulations was paramount. Architectural projects often involve construction that impacts the environment.
Therefore, adherence to environmental norms, such as obtaining necessary clearances and following sustainable design practices, was crucial to avoid any legal complications.
In summary, the tax year in India witnessed architectural projects facing regulatory and compliance challenges related to GST classification, RERA adherence, and environmental norms.
These issues required special attention to ensure architects and architectural firms operated within the bounds of the law.
To visit: https://www.mca.gov.in/
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