One-time tax option for promoters to elect construction tax rates; failure will be deemed acceptance of reduced rates. Promoters must submit Annexure-IV to Rate Notification No. 03/2019 to their jurisdictional officer to exercise a one-time, irrevocable option to pay state tax on construction of apartments at the rates specified for item (ie) or item (if) against serial number 3; the Form must identify the project and declaration, interim invoices must conform to the eventual option, and failure to submit will result in the promoter being deemed to have elected the reduced rates for RREP and REP.