GST ON RREP ON ONGOING PROJECT 01-04-2019 IF DECLARATION IN FORM IV NOT SUBMITTED

[NIRANJAN MOHANTY]

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?

AI Summary

Failure to Submit Form IV by Deadline May Result in Reversal of ITC for Projects from April 2019 A discussion on a forum addressed the implications of not submitting a declaration in Form IV as per Notification No. 03/2019-Central Tax (Rate) for ongoing projects by the deadline of October 20, 2019. If not submitted, it is assumed the taxpayer opted not to avail input tax credit (ITC) for projects from April 1, 2019. Replies indicated that ITC availed without this option must be reversed, and excess taxes paid can be refunded by issuing credit notes to customers. The conversation highlighted potential litigation risks and the need to communicate these issues to tribunals or courts.