Imarike yezentengiso yemali yelizwe, imbombo yelizwe, ifeze utshintsho olunzulu kwishumi leminyaka elidluleyo. Laa candelo liphawulwe ngokungabonisi, nangokweenkqubo zorhwebo, lilungelelaniswe ngothotho lwezinguquko zerhafu ezinamandla. Ezi nguqu, zikhokelwa ngurhulumente ophakathi norhulumente, ejolise ekuziseni, ukutsala utyalo-mali lwasekhaya nolwangaphandle, kwaye zikhusele izilangazelelo zezigidi zabathengi bezindlu. Ukuqonda iziphumo zezi zinguquko zerhafuzo asiko nje ukuqheliswa kwemfundo, ukuhambela phambili, abaphuhlisi bemithetho ehamba phambili, kunye nabasebenzi bezorhwebo bezoshishino. Eli nqaku lilungiselela uhlalutyo olungundoqo lwerhafu yerhafu nezo lweNkonzo (GST) kunye nophuhlisoolwazi lwemali yemali (Regracre) kunye noPhuliso lwemali yemali yemali eninzi (events) kwiminye ingeniso yemali eMadinti.

Utshintsho Oluphambili Lwerhafu Luye Lwatshintshwa

Irhafu yemali (GST)

Ukusekwa kweBhunga Leefama neNkxaso (GST) ngoJulayi 2017 yayilutshintsho olubalulekileyo olwaluquka uninzi lwerhafu engangqalanga njenge VAT, irhafu yomsebenzi, kunye nomsebenzi wokusebenza. Kwicandelo lomhlaba, iGST yazisa zombini izindlu ezizintsi kunye nezintsonkothileyo. NgoAprili 2019, iBhunga leBhunga leGST lanciphisa amaxabiso aphantsi kwemibutho ehlala khona: izindlu ezinokufikeleleka zabekwa kumlinganiselo we-1% GST (ngaphandle kwetyala lerhafuthezo, ITC), kunye nezindlu ezingangeniselwanga kwi-mali-mali e-yo kwisihlanu% (ngaphandle kwe-ITC). Oku kunciphisa irhafuthelo kubathengi kumthwalo othelekiswa nomgangatho ongaphantsi kwe-GSST, apho irhafuthensile-ninzi ingakumbi kunyuso i-12%.

Ngoko, ukususwa kwe ITC yabaphuhlisi phantsi kodweliso olutsha kwathetha ukuba abakhi abanakukwazi ukunyusa irhafu ehlawulwa kumagalelo njengesamente nentsimbi. Oku kwandiswa kwexabiso lezindlu, ingakumbi ukwenzela imisebenzi yexabiso lexabiso lemali yokuhlala apho imida ibhityile. Ngokweempahla ezilungiselwe ukuhamba---ngaphakathi, i-GST ayisebenzi, enokuthi ikhethelwe ukuthengwa kwabathengi ngamaqela agqityiweyo. Ulawulo lwe-GST alunako ukuphuculwa ngokufuna abaphuhlisi berhafunxa irhafu ekwakheniseni irhafu elungele ukuthengwa kwabo.

ISibonelelo soMsebenzi (Ummiselo noPhuhliso)

Ngo-2016 kwaye yaza yaphunyezwa kumazwe amaninzi ngo-2017, iRERA yeyona inguqu yolungiso lokwandiswa kwemeko yefa lehlabathi laseIndiya. I-RERA iyalela ukuba yonke imisebenzi ekhoyo ekwindawo yomhlaba engaphezulu kweemitha ezingama-500 okanye iifrethi ezisibhozo mayibhaliswe kunye neGunya leLizwe. Abaphuhlisi kufuneka batyhile izicwangciso zeprojekthi, iilayini zexesha, imvume, kunye neenkcukacha zemali. Imfuneko yengxelo yengxelo yemali iqinisekisa ukuba ama-70% emali eqokelelwe kubathengi isetyenziswe kuphela kwixabiso lokwakhiwa kunye nemali yomhlaba.

Utshintsho lwerhafu kunye nererasuding ngeendlela ezininzi. Ulungiso olusezantsi lwendawo yekhaphethi kunye nokubhaliswa kweprojekthi yenze kwalula kubathengi ukufumana iinzuzo zerhafu yasekhaya, njengoko iibhanki ngoku ziqinisekise ubume beprojekthi. IRERA ikwathintela ukusetyenziswa kwemali emnyama ngokuqinisekisa ukuba i-examps ezingqongqo zemali kunye nemithetho echazayo. Ngokwesiphumo, uthengiselwano oluninzi luhamba ngemijelo yebhanki, ukwandisa isiseko serhafuthe. Ingxelo ye-France India iphawule ukuba i-RERA iphucule kakhulu umdla ngokugqithisa, nangaphezu kwama-60% abathengi bebonisa ukuthemba okukhulu emarikeni. Umbuso-RERA umgangatho njengo [FLT:] Maharashtra[FLD:1] icwangcise iprojectalscties projectives projectives, ukucuntscutylation, ukucuntsla i-ox'esahlulo-oad.

Ikomkhulu Lifumana Irhafu Neingenelo Zokubonakalisa

Imali ehlawulwayo ehlawulelwayo kwintengiso yepropati yeprojekthi yefashoni yemali ingunobangela obalulekileyo kubanikeli-mali. EIndiya, iimpahla ezigcinwe ngaphezu kweminyaka emibini zahlulwa ngokwemali yemali eninzi. Ingeniso ihlawulwa kwimali yemali yekomkhulu elikwi-20% ngenzuzo yokubonisa, elungisa ixabiso lokuthengwa kokunyuka kwamaxabiso (ukusebenzisa intengo yentengiso epapashwe liSebe leMali-Mali yerhafu). Kwizinto ezigcinwe ngaphantsi kweminyaka emibini, ingeniso yongezwa kwingeniso yerhafu kwaye ihlawulwa ngexabiso elifanelekileyo lemali ebhankithayo (ingeniso yexesha elifutshane).

Inzuzo yesalathisi ibiyinzuzo enkulu kubanikeli bempahla bexesha elide, inciphisa ngokunempumelelo ityala lerhafu lokwenene ngamaxesha okuthengwa okuphezulu. Kodwa ke, urhulumente uye wafaka imithetho eqinileyo kwiminyaka edlulileyo. Umzekelo, uhlaziyo 2023 lusikelwe umda inzuzo kwizalathiso kuphela apho impahla ithengiselwa khona emva kokugcinwa iminyaka engaphezu kwemibini, kwaye kuphela ukuba umgcini-mali uhlawula irhafu kuhlolo olupheleleyo. Ngaphezu koko, ukukhulula phantsi kwemiqathango 54 kunye no-5F kuvumela ukubuyiselwa kwemivuzo kwenye into ekhoyo ukuze ingeniso yemali ekhoyo ifumane irhafuthe. La malungiselelo athe athe athengwa emva kokuba ipropati yepropati ejini yaye akhuthazwa ukuba abuyiselwe kwindlu. Nezinye iiNguquko zexesha eliqhelekileyo (g., ukucumisa iminyaka emithathu yeminyaka emithathu) asungule ukunga i-Admitcheod . [FF]

Ezinye Iinguquko Eziphawulekayo: Iintshukumisa Zebhenami, Iinkonzo Neerhafu

UMthetho weSindululo weBenami Transactions (Iprojekthi Yokuthintelwa) ka-2016, yayilutshintsho olunamandla lwerhafu olujolise ekunqandeni imali emnyama kwifama. Ivumela urhulumente ukuba ahluze ibheni (iproxycate benami) ngaphandle kwembuyiselo. Oku kuye kwanciphisa ngokuphawulekayo ukusetyenziswa kwamagama ayintelekelelo ukugcina umhlaba, kunyanzelisa abantu ukuba bavakalise ukuba ngabani nako.

Ukusekwa kweReal Reace Resurement Investivations (Ii-REIT) ngo-2014, kunye neengcaciso zerhafu ezalandelayo, zayila udidi olutsha lwempahla efunekayo kubanikazi. Ama-REIT anika ubuncinane i-90% yengeniso yawo yokuqesha kwi-astring, exhaswe ngerhafu elungileyo (ukusasaza irhafu yemali esuswe kwi-2020). Oku kuye kwatsala abarhwebi kunye nabarhwebi bezentengiso kwifa yokwentengiso ngaphandle kokuthenga ngokuthenga ngqo ipropati.

Kwindawo yokuthenga yekhaya, izincopho zerhafu ngaphantsi kwamacandelo 24(b), 80C, kunye nama-80EEA zinika isiqabu esibalulekileyo. Ukunyuselwa ukuya kwi-762 lakh ngonyaka kwinzala yemali ebolekiweyo yasekhaya (Sikh 24(b) kunye nenkokhelo yenkongozelo yerhafu ehlawulelwayo kwikota1.5 lakh ngaphantsi kwama-80C isetyenziswa ngokubanzi. KwiCandelo lohlalo 2019, iCandelo elitsha lama-80EEA laziswa, ivumela ukunyuka okuthelekisa inzala yemali ebolekiweyo yezindlu phantsi kweemeko ezithile. Ezi nzuzo zerhafuthelo zinyusa imfuno zombini eziphakathi kunye nezindlu ezinokufikeleleka.

Impembelelo Kwabakhweli Abahlukahlukeneyo

Abathengi basekhaya

Kubo bathengi bezindlu, isiphumo esidityanisiweyo sesantya seGST, ukhuseleko lweRERA, kunye nokuncitshiswa kwerhafu kuye kwanceda kakhulu. Ukuncitshiswa kweGST (1% kwixabiso elingafikelelekiyo, 5% kwixabiso elingafikelelekiyo phantsi kwesakhiwo) kwehlisa ixabiso langaphambili. Umyalelo ka-RERA wokuchaza ukulibaziseka kweprojekthi nokusebenzisa ii-akhawunti zerhafu unciphise umngcipheko wemisebenzi egciniweyo /a uloyiko olungaqhelekanga kwixesha langaphambi kwe-RA.

Ngoko ke, imingeni ishiyekile. Umyinge we-GST osebenzayo kumaxabiso aphantsi kolwahlulo. Ukuntsonkotha kwemali yekomkhulu kusenokuthelekiswa namakhaya alungele ukutsala angangeni GST. Ukongeza, ukuguqulwa kwexabiso lokuthobela abaphuhlisi phantsi kodweliso olutsha lweGST kusoloko kugqithiselwa kubathengi kuhlobo lwamaxabiso aphezulu. Ukuntsonkotha kwemali ehlawulo lwerhafu ukukhulula irhafu (umz. umz., umthetho ofanelekileyo ongaphantsi kwecandelo 54 ulinganiselwe kwimpahla enye kwiCebate 2023) wenza ucwangciso lwerhafuthelo olunzima kakhulu kubantu abathengisa impahla ukunyusa ikhaya labo.

Abaphuhlisi

Abaphuhlisi bajongene nempembelelo edityanisiweyo. Kwicala elilungileyo, iRERA ne GST bathe banyusa ngaphandle abasebenzi ababhabhayo ngobusuku obubodwa, bangenelela abaphuhlisi abaququzeli abanoorekhodi abanamandla bokuthobela. Icandelo libone ukuhlanganiswa, nabaphuhlisi abafumana isabelo esiphambili. Ukubonakala okuvela kwezi nguqu kwakhona kukwenze kwabalula kubaphuhlisi ukunyusa imali kwiibhanki nakubeko bolawulo, ukunciphisa ukuxhomekeka kwimali engacwangciswanga.

Ngaphantsi, amaxabiso okuthobela athe anyuka kakhulu. Urhulumente wazama ukuthomalalisa oku ngokuvumela udweliso lweprojekthi phantsi kweRERA, iifam ze-applications, kunye nophicotho-zincwadi oluthe rhoqo lufuna amaqela anikezelweyo. Phantsi kwe-GST, ukukhanyelwa kwabaphuhlisi berhafu yeNkcitho eNgenisiweyo ukufunxa irhafu, ukucutha imida yephepha elingentlabathi-ngalawulekiyo. Urhulumente wazama ukudambisa oku ngokuvumela udweliso, kodwa abaphuhlisi abaninzi bafumanise i-ITC intlungu. Umfuneko yokugcina iingxelo ezahlukeneyo zeprojekthi nganye phantsi kweRERA inomthwalo wolawulo. Abancinci nabaphuhlisi-osikali, abaswele isikali, baye bachatsha ngokungena ngokugqithisa, ngokuphuma kwenteke ngokupheleleyo.

Abaxhasi

Abanikazi bezindlu zefama-mhlaba----ukuze kufikelelwe kumabhulorho empahla okanye imali yequmrhu ngalinye, kufuneka baqhelane nokusingqongileyo okulawulwa yirhafu. Ukuqiniswa kwengeniso yekomkhulu, ingakumbi ikepisi kwizindlu ezininzi, kunciphisa amathuba okubuyiselwa kwerhafu. Noko ke, iziphumo zokugcinwa kwerhafu zihlala zinomtsalane kubatyali abahleli bezo zixhobo ngethuba elide.

Unyuko lweeREIT lunikezele enye ingeniso edityanisiweyo. Ingeniso ezithengelwayo zihlawulwa ezandleni zabatyali-mali kwixabiso elisebenzayo (emva kokususwa kweThuluswano yonikezelo), kunye nempumelelo yamakomkhulu kwiyunithi ye-REIT iphathwa ngokufanayo ukwabelana (unyaka omde, 10% kwingeniso 761 lakh). Oku kuye kwenza ukuba urhwebo lwemali yemali yemali yezentengiso lufikeleleke kubani abatsha abatsha abangenisi bemali abancinci. Ngaphezu koko, ukutyhala kukarhulumente ngokurhwaqengqela kwezindlu ezinokufumaneka ngerhafuthelo (njenge-100% yengeniso yemisebenzi yezindlu ezithelekayo engaphantsi kweCandelo lama-80-IBA2024) kushukumisele ukuba abakhi beeprojekthi ezintsha.

Iziphumo Ezizizo Zecawa

Izakhiwo zorhwebo zokwenene

Utshintsho lwerhafu luye lwaphembelela amacandelo okuhlala naworhwebo ngokwahlukileyo. Icandelo elihlala abantu liye laba yinkcazo yokuqala yeReRA neGST, ngenjongo yokukhusela i-am aadmi (umntu oqhelekileyo). Umhlaba wentengiso, ngokwahlukileyo, lingenelwe kwirhafu ye-REIT, ityala lerhafu legalelo leGST (elikhoyo kwiprojekthi yorhwebo yangaphambi komcimbiso wonyaka ka-2019), kunye nokususwa kwemingeniswana enxulumene nerhafu yerhafu ne VAT. Phantsi kwe-GST, impahla yentengiso esetyenziswa ukuqesha/ukukhulula i-GST nge-18%, kunye ne-ITC epheleleyo, ikhuthaza abaphuhlisi-mali ukuba babambe kunye nempahla yorhwebo.

Ikomkhulu lifumana irhafu yemisebenzi yentengiso efanayo nokuhlala, kodwa ukungabikho kwabantu abakhululekileyo njengecandelo 54 ukuze kubuyiselwe ipropati yeendawo zokuhlala maxa wambi kuye kwanyanzelisa abatyali-mali kwimpahla yeendawo zokuhlala. Noko ke, ingeniso ephezulu yerhafu kwizakhiwo zorhwebo kunye nokungasetyenziswa kwemali ye-REIT iye yalungelelanisa i-"quation".

Indlu efumaneka lula v.

Utshintsho lwerhafu luye lwamkeleka ngokukhethekileyo kwizindlu ezinokufikeleleka. Umlinganiselo weGST 1% (ngaphandle kweITC) yeyona isezantsi kwiicandelo. Ukongeza, ukukhuthaza izindlu ezinokufikeleleka phantsi kwePradhan Mantri Awas Yojana (PMAY), urhulumente wandisa ixesha lokubiza iingenelo zerhafu kwimali-mali-mboleko yasekhaya de kube ngoMatshi 2022. Abaphuhlisi basungula imisebenzi ehlawulekayo yezindlu bafumana ingeniso eninzi phantsi kweCandelo lama-80-IBA.

Kwelinye icala, izindlu ezinomtsalane, zabona iGST (5% ngaphandle kweITC) kwaye zambalwa izinto ezikhuthazayo. Ukususwa kwe-ITC kwaneeprojekthi zobunewunewu ezichaphazeleka ngakumbi ngenxa yokuba zibandakanya igalelo lexabiso eliphezulu. Noko ke, abantu abakwi-nethi ephezulu basoloko befumana ingeniso yerhafu ngokufumana iindlela ezithenjiswayo zemali ebhangiweyo kunokuba bahlawule imali ebolekiweyo ekhaya, ngoko isiphumo siye sathotywa.

Ucelomngeni Nokugxekwa

Ngaphandle komcebisi olungileyo, utshintsho lwerhafu kwilizwe lokwenene lase-Indiya alukhange lugxekwe. IiNqanawa zeGST ziyaqhubekeka: isakhiwo sesantya se-GST (1% vs 5%) kunye nokunqongophala kwe-ITC kukhokelele ekuchazeni iimpikiswano kunye nokudityaniswa. Abaphuhlisi abaninzi bazama ukutshintsha, ingakumbi xa ugqibo lwerhafu lwerhafu luye lwanqamleza umhla wokuzalisekisa iGST. Uzalisekiso lwe-RERA alulingani ngaphaya kolawulo; loMaharashtra noKarnaka banomgangatho oqinileyo, iimeko ezincinci ezibambekayo zikho kumsebenzi. Iingxelo ezingundoqo zinciphisa ukusetyenziswa kwemali kubabhekisi phambili, okubangela ukuba kubelibazi beproject.

Imali efunyenweyo yerhafu itshintshiwe kaninzi, idala ukungaqiniseki ngabatyali-mali. Umzekelo, ukususwa kwenzuzo yezalathisi zomfako othengiswe emva komhla othile (nangona kamva ubuyiselwe) kwabangela ukudideka. Umlinganiselo kwiCandelo 54 lokungahlawulwa kwempahla entsha kuphela (ukusuka kuHlabathi 2023) wathathwa njengesambuku kucwangciso lwabatyali-mali bempahla ukudibanisa iimpahla ezininzi.

Ngaphezu koko, umthetho we-Benami, ngexa usebenza kakuhle, uye wagxekwa ngenxa yokuba nomlinganiselo ophantsi wokholo kunye nokukhathazwa ngokwesiko kwabantu abaphethe impahla yokwenene. Ukusilela ukudityaniswa ngokupheleleyo ne-GST ne-RERA kukwakhokelele ekuxeleni ukungangqinelani. Ngokupheleleyo, isantya sotshintsho maxa wambi siye sawanciphisa amandla oshishino okuzivumelanisa, nto leyo ekhokelela ekuphazamiseni kwexesha elifutshane.

Ikamva Neenguqu Ezilindelekileyo

Xa ujonga phambili, urhulumente usenokuba uya kuqhubeka elungisa isakhiwo serhafu yefama lokwenene. Amaqumrhu oshishino anjenge-CREDA kunye neNAREDCO aye afuna ukusetyenziswa kwe-GST, kuquka ukubuyiselwa kwe-ITC ukuze kuncitshiswe iindleko kunye nokunyuswa konikezelo lwezindlu ezinokufikeleleka. IBhunga le-GST liqwalasela umyinge odityanisiweyo wemiqathango engaphantsi kweprojekthi, mhlawumbi malunga ne-ITC, enokuyenza ibe lula inkqubo.

Kwicala elithe ngqo lerhafu, ukwandisa ii-atbits ze-REIT ukuquka iimpahla zokuqesha eziqeshwayo (i-Resideen REITs) ziphantsi kwengxoxo, eziza kuvula iindlela ezintsha zotyalo-mali. Urhulumente ungayinyusa irhafu yexesha lokuqala kubathengi bezindlu phantsi kwecandelo 80EEA kunye nama-80C ukuvuselela imfuno kwiimarike ezidanjiswayo. Ukudityaniswa kwempahla kunye nokunxulunyaniswa ne-Ahaadar kunye ne-PA kulindeleke ukunyusa ngokubheke phambili ukunqanda imali emnyama, ngokudalwa kwe-database yempahla yesizwe enokuthi idityaniswe ngeminxeba yerhafu yerhafu yengeniso.

Ikhowudi yerhafu ezayo (ilindeleke ukuba ithathe indawo yoMthetho weMali yeThafu) ingawenza lula amatyala erhafu ngokususa amaxesha amaninzi okuphatha kunye nemigangatho esezantsi. Icandelo lezindlu ezinokufikeleleka liza kuhlala libalulekile, kunye neengenelo ezinokwenzeka zecandelo 80-IBA.

Isiphelo

Utshintsho lwerhafu oluphunyezwe kwishumi leminyaka elidlulileyo luye lwaguqula ngokubhekiselele ekutshintsheni urhwebo lwezindlu zokwemvelo eIndiya ukusuka kwicandelo elingalawulwayo, ukubhalisa irhafu ukuya kwelinye elibona ngaphaya kunye nolwakheko. I-GST, i-RERA, ingeniso yekomkhulu, kunye notshintsho oludityanisiweyo luphucule ukhuseleko olusesikweni lwabathengi, lutsale utyalo-mali, kwaye lunciphise indima yemali emnyama. Ewe, kukho imibango edityanisiweyo, ixabiso lokudlula, kunye nomgangatho obalulekileyo wokusebenza kwexesha elide kwimiqobo ephilileyo.

Abaxhasi beemeko, ukuhlala benolwazi ngezi nguqu akuyonto izikhethela. Abanikazi-mali kufuneka bacebe ingeniso yabo yekomkhulu becinga ngengeniso yezalathiso kunye neenketho zeREIT. Abaphuhlisi kufuneka basebenzise iindlela ezinamandla zokuthobela ukuze baphumelele. Abathengi bekhaya kufuneka baxhase iincopho zerhafu kunye ne-RERA ukhuseleko olukhoyo kubo. Intengiso yemo yefa yomhlaba yase India ikwindlela yobuchule bokusebenza kwale mihla, kwaye utshintsho lwerhafuno luyilo olutshintsha injini. Njengoko utshintsho oluqhubekayo luqhubeka, icandelo lilungele ukuba linye leendawo zorhwebo ezinomtsala-mali eAsia.