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TMI BlogGST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTEDX X X X Extracts X X X X X X X X Extracts X X X X ..... GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED X X X X Extracts X X X X X X X X Extracts X X X X ..... ted and tax @12% was paid earlier with input credit. If rate changed by virtue of this ammendment to 5% then excess amount paid earlier can be claimed as refund or not? Reply By KASTURI SETHI: The Reply: (i) If the declaration in Annexure-IV was not filed within prescribed time limit i.e. before 20.10.19 (extended) ), it would be deemed that the tax payer availed option not to avail ITC in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of ongoing project (effective from 1.4.2019). (ii) No person can pay GST on his own volition. Hence not eligible for ITC. (iii0 Litigation-prone. Reply By KALLESHAMURTHY MURTHY: The Reply: Sir, The ITC availed without option is required to be reversed or the department may demand for reversal as per Notification 3/2019, In construction services, the developer collects advances from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... customers including tax element. So, any tax paid in excess to the department can be applied for a refund by raising credit notes against the tax collected from the customers. That means the developer has to refund any excess amount paid to the government to his customers subject to the provisions of Sec. 76(9). & (1). This is my personal opinion not to be construed as legal advice. Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KALLESHAMURTHY MURTHY: The Reply: Sir, Please read the Sec. 76(9) &(10). Reply By KASTURI SETHI: The Reply: I agree with Sh.Kalleshmurthy Murthy. Reply By KALLESHAMURTHY MURTHY: The Reply: Kasturi Sethi Ji, Respected Sir, Thanks very much for agreeing with me. Reply By KASTURI SETHI: The Reply: Sh. Kalleshamurthy Murthy Ji, Actually your reply has completed my reply. Reply By ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shilpi Jain: The Reply: What was the reason the annexure was not filled? Was it missed? Or the decision to continue @ 18% was taken later? Lot of ifs and buts. You will have to contest this since I believe these kind of implications will be of huge amount in the real estate industry. Ideally if we see, the govt. would have got its share of revenue by this even if you have paid 5% and not taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit. That needs to be communicated to the tribunal/courts in future. X X X X Extracts X X X X X X X X Extracts X X X X
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