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TMI BlogSubmission of Form for one time option to pay tax on construction of apartments in a project by the promoters at the rate as specified for item (ie) or (if), against serial number 3 in the Table in the rate notification no. 03/2019, as the case may be, by 20th of May, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for item (ie) or (if), against serial number 3 in the Table in the rate notification no. 03/2019, as the case may be, by 20th of May, 2019-reg. No. CT/GST-15/2017/372. - You are well aware that by Rate Notification no 03/2019, the entry at Serial No. 3 of the Notification No. 11/2017 (FTX.56/2017/24 dated 29th June, 2017) is amended and the new GST rates have been prescribed for the Residential Real Estate Project (RREP) and the Real Estate Project (REP). In order to avail the benefits under rate notification no. 03/2019, it is necessary to submit a Form given in Annexure-IV of the said Notification for exercising the one time option to pay tax on construction of apartments in a project by the promoters ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for item (ie) or (if), against serial number 3 in the Table of the Notification cited above is required to be submitted to the concerned Jurisdictional Officer of the respective Unit Office on or before 20 th May, 2019. All the stake holders are requested to submit the option Form in the said Annexure - IV accordingly. It may please be noted that in case such Form is not submitted then it shall be deemed that such promoter is liable to pay tax in respect of the ongoing project as per Notification No 03/2019 at the reduced rate of 0.75% and 3.75% for the RREP and REP, respectively. This Circular is clarificatory in nature and not meant for any interpretation of provisions of the Act and rules. Diff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcise the option to pay tax on construction of apartments in the above mentioned project as under : I shall pay tax on construction of the apartments: (put ( ) in appropriate box) At the rate as specified for item (ie) or (if), against serial number 3 in the Table in this notification, as the case may be At the rate as specified for item (i) or (ia) or (ib) or (ic) or (id), against serial number 3 in the Table in this notification, as the case may be 2. I understand that this is a onetime option, which once exercised, shall not be allowed to be changed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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