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TMI BlogSub: In case of developer, failure to submit Intimation (Annexure IV) to choose option of either 5% or 12%.X X X X Extracts X X X X X X X X Extracts X X X X ..... Query: As per Notification No 03/2019 dated 29 th Mar 2019 related to Real Estate Projects A developer has to submit Intimation before 20 th May 2019 for declaring which option(5% without ITC or 12% with ITC) they have excised. If the developer has excised the option of 12% with ITC but the Intimation has not been submitted in prescribed format Annexure-IV. If it is submitted in the current da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te i.e. 04/01/2020, what are the compliance issues and penalty if any? - Reply By Alkesh Jani - The Reply = Sir, In the said Notification for column No. 5 Sl.No. (ie) is given below :- Provided also that where the option is not exercised in Form at annexure IV by the 10th of May, 2019, option to pay tax at the rates as applicable to item (i) or (ia) or (ib) or (ic) or (id) above, as the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase may be, shall be deemed to have been exercised ; Provided also that invoices for supply of the service can be issued during the period from 1st April 2019 to 10th May 2019 before exercising the option, but such invoices shall be in accordance with the option to be exercised.; Hope this will help. Thanks - Sub: In case of developer, failure to submit Intimation (Annexure IV) to cho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose option of either 5% or 12%. - Query Started By: - JIGAR SHAH Dated:- 4-1-2020 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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