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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 ..... AS PER Notification No. 03/2019-Central Tax (Rate) one declaration needs to be submitted before 10-05-2019. What will be the consequence if the declaration not submitted 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 respect 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 pai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 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 ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry much for agreeing with me. - GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED - Query Started By: - NIRANJAN MOHANTY Dated:- 24-9-2024 Last Replied Date:- 27-9-2024 Goods and Services Tax - GST - Got 5 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xmanagementindia.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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