https://www.taxtmi.com/forum/issue?id=119322 Failure to file the prescribed declaration in Annexure IV within the statutory period results in the taxpayer being deemed to have opted not to avail Input Tax Credit for the ongoing project; ITC claimed contrary to that deemed option must be reversed and cannot be sustained merely by voluntary payment. A developer may seek to adjust excess tax paid by issuing credit notes to customers and pursuing refund or adjustment under the statutory refund and recovery framework, subject to applicable procedural conditions and potential disputes. en-us Tue, 24 Sep 2024 18:32:56 +0530 Fri, 24 Jan 2025 10:40:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119322 Failure to file the prescribed declaration in Annexure IV within the statutory period results in the taxpayer being deemed to have opted not to avail Input Tax Credit for the ongoing project; ITC claimed contrary to that deemed option must be reversed and cannot be sustained merely by voluntary payment. A developer may seek to adjust excess tax paid by issuing credit notes to customers and pursuing refund or adjustment under the statutory refund and recovery framework, subject to applicable procedural conditions and potential disputes. Discussion-Forum GST Tue, 24 Sep 2024 18:32:56 +0530 https://www.taxtmi.com/forum/issue?id=119322