Amends notification No. 8/2017-Integrated Tax (Rate) so as to notify IGST rates of various services as recommended by Goods and Services Tax Council for real estate sector.

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[TO BE PUBLISHED IN THE GAZZETE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Finance (Department of Revenue) Notification No. 03/2019- Integrated Tax (Rate) New Delhi, the 29th March, 2019 G.S.R......(E).- In exercise of the powers conferred by sub-sections (1), (3) and (4) of section 5, subsection (1) of section 6 and clauses (iii), (iv) and (xxv) of section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) read with sub-section (5) of section 15, subsection (1) of section 16 and section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, and on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 8/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 683(E), dated the 28th June, 2017, namely:- In the said notification, - (i) in the opening paragraph, (a) (b) (c) (d) after the words, brackets and figures “conferred by sub-section (1),”, the words, brackets and figures “sub-section (3) and sub-section (4)” shall respectively be inserted; for the words, brackets and figures “clause (iii) and clause (iv)”, the words, brackets and figures “clauses (iii), (iv) and (xxv)” shall be substituted; the word “and” after the words and figures “sub-section (5) of section 15” shall be substituted by the symbol “,”; after the word, brackets and figures “section 16”, the words and figure “and section 148” shall be inserted; (ii) in the Table, - (a) against serial number 3, for item (i), and the entries relating thereto in column (3), (4) and (5), the following items and entries shall be substituted, namely, - (3) “(i) Construction of affordable residential apartments by a promoter in a Residential Real Estate Project (herein after referred to as RREP) which commences on or after 1st April, 2019 or in an ongoing RREP in respect of which the promoter has not exercised option to tax on construction of pay apartments at the rates as specified for item integrated (5) Provided that the integrated tax at the rate specified in column (4) shall be paid in cash, that is, by debiting the electronic cash ledger only; Provided also that credit of input tax charged on goods and services used in supplying the service has not been taken except to the extent as prescribed in Table (4) 1.5 1 after (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) (ia) Construction of residential apartments other than affordable residential apartments by a promoter in an RREP which commences on or after 1st April, 2019 or in an ongoing RREP in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received completion issuance certificate, where required, by the competent first occupation, authority or after whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) (ib) Construction of commercial apartments (shops, offices, godowns etc.) by a promoter in an RREP which commences on or after 1st April, 2019 or in an ongoing RREP in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) (ic) Construction of affordable residential its of Annexure I in the case of REP other than RREP and in Annexure II in the case of RREP; Provided also that the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equivalent to the input tax credit attributable to construction in a project, time of supply of which is on or after 1st April, 2019, which shall be calculated in the manner as prescribed in the Annexure I in the case of REP other than RREP and in Annexure II in the case of RREP; (landowner- Provided also that where a registered promoter) who person right or FSI transfers development (including additional FSI) to a promoter (developer- against consideration, wholly or partly, in the form of construction of apartments, - promoter) (i) the developer- promoter shall pay tax of of landowner- to construction the supply on apartments promoter, and the provided (ii) such landowner – promoter shall be eligible for credit of taxes charged from him by the developer promoter towards the supply of construction of apartments by developer- promoter to landowner- him, such promoter supplies further apartments to his buyers before issuance of completion certificate or first occupation, whichever is earlier, and pays tax on the same which is not less than the amount of tax charged from him on construction of such developer- apartments promoter. the by Explanation. - (i) “developer- promoter” is a promoter who constructs or converts a building 7.5 7.5 1.5 2 its apartments by a promoter in a Real Estate Project (herein after referred to as REP) other than RREP, which commences on or after 1st April, 2019 or in an ongoing REP other than RREP in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after first occupation, whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) (id) Construction of residential apartments other than affordable residential apartments by a promoter in a REP other than a RREP which commences on or after 1st April, 2019 or in an ongoing REP other than RREP in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) 7.5 3 into apartments or develops a plot for sale, the land transfers (ii) “landowner- promoter” is a promoter or who development rights or FSI to a developer- promoter for construction receives of constructed apartments against such transferred rights and sells such apartments buyers independently. apartments and his to Provided also that eighty percent of value of input and input services, [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], used in supplying the service shall be received from registered supplier only; that inputs and input Provided also services on which tax is paid on reverse charge basis shall be deemed to have been purchased from registered person; input services received first occupation of Provided also that where value of input and from registered suppliers during the financial year (or part of the financial year till the date of issuance of completion certificate or the project, whichever is earlier) falls short of the said threshold of 80 per cent., tax shall be paid by the promoter on value of input and input services comprising such shortfall at the rate of eighteen percent on reverse charge basis and all the provisions of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) shall apply to him as if he is the person liable for paying the tax in relation to the supply of such goods or services or both; Provided notwithstanding that anything contained herein above, where also cement is received from an unregistered person, the promoter shall pay tax on supply of such cement at the applicable rates on reverse charge basis and all the provisions of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), shall apply to him as if he is the person liable for paying the tax in relation to such supply of cement; (Please refer annexure III) to the illustrations in Explanation. - 1. The promoter shall maintain project wise account of inward supplies from registered and unregistered supplier and calculate tax payments on the shortfall at the end of the financial year and shall submit the same in the prescribed form electronically on the common portal by end of the quarter following the financial year. The tax liability on the shortfall of inward supplies from unregistered person so determined shall be added to his output tax liability in the month not later than the month of June following the end of the financial year. 2. Notwithstanding anything contained in Explanation 1 above, tax on cement received from unregistered person shall be paid in the month in which cement is received. 3. Input Tax Credit not availed shall be reported every month by reporting the same as ineligible credit in GSTR-3B [Row No. 4 (D)(2)]. Provided that in case of ongoing project, the registered person shall exercise one time option in the Form at Annexure IV to pay integrated tax on construction of apartments in a project at the rates as specified for item (ie) or (if), as the case may be, by the 10th of May, 2019; Provided also that where the option is not (ie) Construction of an apartment in an ongoing project under any of the schemes specified in sub-item (b), sub-item (c), sub- item (d), sub-item (da) and sub-item (db) of item (iv); sub-item (b), sub-item (c), sub-item (d) and sub-item (da) of item (v); and sub-item (c) of item (vi), against serial number 3 of the Table, in respect of which the promoter has 12 4 exercised in Form at annexure IV by the 10th of May, 2019, option to pay tax at the rates as applicable to item (i) or (ia) or (ib) or (ic) or (id) above, as the case may be, shall be deemed to have been exercised; Provided also that invoices for supply of the service can be issued during the period from 1st April 2019 to 10th May 2019 before exercising the option, but such invoices shall be in accordance with the option to be exercised.”; exercised option to pay integrated tax on construction of apartments at the rates as specified for this item. (Provisions of paragraph 2 of this notification shall apply for valuation of this service) (if) Construction of a complex, building, civil structure or a part thereof, including,- (i) commercial apartments (shops, offices, godowns etc.) by a promoter in a REP other than RREP, (ii) residential apartments in an ongoing project, other than affordable residential the apartments, promoter has exercised option to pay integrated of on apartments at the rates as specified for this item in the manner prescribed herein, respect of which construction tax in but excluding supply by way of services specified at items (i), (ia), (ib), (ic), (id) and (ie) above intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after first occupation, whichever is earlier. its 18 Explanation. -For the removal of doubt, it is hereby clarified that, supply by way of services specified at items (i), (ia), (ib), (ic), (id) and (ie) in column (3) shall attract integrated tax prescribed against them in column (4) subject to conditions specified against them in column (5) and shall not be levied at the rate as specified under this entry. (Provisions of paragraph 2 of this notification shall apply for valuation of this service (b) against serial number 3, - a. item (ii) and the entries relating thereto in columns (3), (4) and (5) shall be omitted; b. in item (iv) in column (3), - 5 (1) after the figures “2017”, the words, brackets, figures and letters “other than that covered by items (i), (ia), (ib), (ic), (id), (ie) and (if) above” shall be inserted; c. in item (v) in column (3), - (1) after the figures “2017”, the words, brackets, figures and letters “other than that covered by items (i), (ia), (ib), (ic), (id), (ie) and (if) above” shall be inserted; d. after item (v) and entries relating thereto in column (3), (4) and (5), the following (4) 12 items and entries shall be inserted, namely, - (3) (va) Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Services Tax Act, 2017, other than that covered by items (i), (ia), (ib), (ic), (id), (ie) and (if) above, supplied by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of affordable residential apartments covered by sub- clause (a) of clause (xvi) of paragraph 4 below, in a project which commences on or after 1st April, 2019, or in an ongoing project in respect of which the promoter has not exercised option tax on to pay construction of apartments at the rates as specified for item (ie) or (if), as the case may be, in the manner prescribed therein, integrated 6 in (5) Provided that carpet area of the affordable residential apartments the as specified entry in column (3) relating to this item, is not less than 50 per cent. of total carpet area of all the the apartments project; the in by Provided also that for the of purpose determining whether the apartments at the time of supply of the service are affordable residential apartments covered sub- clause (a) of clause (xvi) of paragraph 4 below or not, value of the apartments shall be the value of similar booked apartments nearest to the date of signing of the contract the supply of for service specified in the entry in column this (3) relating item; to the (xvi) Provided also that in case it finally turns out that the carpet area affordable of residential apartments booked or sold before or after completion, gross for which amount actually charged was forty five lakhs rupees or less and the actual carpet area was within the limits prescribed in (a) of sub- clause clause of paragraph 4 below, was less than 50 per cent. of total carpet area of all the apartments the project, the recipient of the service, that is, the promoter shall be to pay such liable tax on amount of reverse charge basis as the difference between the the tax payable on service the applicable rate but for rate prescribed the herein and tax actually paid at the prescribed rate herein”; is equal the the to in at e. in item (vi) in column (3), after the figures “2017”, the words, brackets, and figures “other than that covered by items (i), (ia), (ib), (ic), (id), (ie) and (if) above” shall be inserted’; in item (xii) in column (3), for the entry, the following entry shall be substituted, namely: - f. 7 “(xii) Construction services other than (i), (ia), (ib), (ic), (id), (ie), (if), (iii), (iv), (v), (va), (vi), (vii), (viii), (ix), (x) and (xi) above. Explanation. - For the removal of doubt, it is hereby clarified that, supply by way of services specified at items (i), (ia), (ib), (ic), (id), (ie) and (if) in column (3) shall attract integrated tax prescribed against them in column (4) subject to conditions specified against them in column (5) and shall not be levied at the rate as specified under this entry.”; (c) (d) against serial number 16,in item (ii) in column (3), for the word, brackets and letters “sub-item (b), sub-item (c), sub-item (d), sub-item (da) and sub-item (db) of item (iv); sub-item (b), sub-item (c), sub-item(d) and sub-item (da)of item (v); and sub-item (c) of item (vi)”, the word, brackets figures and letters “ (i) (ia), (ib), (ic), (id), (ie) and (if)” shall be substituted; after serial number 38 in column (1) and the entries relating thereto in column (2), (3), (4) and (5) the following serial number and entries shall be inserted, namely: - (1) “39. Chapter 99 (2) charges lease of (3) Supply of services other than services by way of grant of development rights, long term (against upfront land payment in the form of premium, salami, or FSI development etc.) an by additional FSI) (including unregistered person to a promoter for construction of a project on which tax is payable by the recipient of the services under sub- section 4 of section 5 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), as prescribed in notification No. 07/2019- Integrated Tax (Rate), dated 29th March, 2019, published in Gazette of India vide G.S.R. No. _, dated 29th March, 2019. (4) (5) 18 -”; Explanation. - This entry is to be taken to apply to all services which satisfy the conditions prescribed herein, even though they may be covered by a more specific chapter, this section or heading elsewhere notification. in (iii) in paragraph 2,- (a) for the words, brackets, letters and figures “sub-item (b), sub-item (c), sub-item (d), sub-item (da) and sub-item (db) of item (iv); sub-item (b), sub-item (c), sub-item (d) 8 and sub-item (da) of item (v); and sub-item (c) of item (vi),” the word, brackets, letters and figures “ (i) (ia), (ib), (ic), (id), (ie) and (if)” shall be substituted; (b) in the Explanation, after the words “this paragraph” the words “and paragraph 2A below” shall be inserted; (iv) after paragraph 2, the following paragraph shall be inserted, namely, - “2A. Where a registered person transfers development right or FSI (including additional FSI) to a promoter against consideration, wholly or partly, in the form of construction of apartments, the value of construction service in respect of such apartments shall be deemed to be equal to the Total Amount charged for similar apartments in the project from the independent buyers, other than the person transferring the development right or FSI (including additional FSI), nearest to the date on which such development right or FSI (including additional FSI) is transferred to the promoter, less the value of transfer of land, if any, as prescribed in paragraph 2 above.” (v) in paragraph 5 relating to Explanation, after clause (xii), the following clauses shall be inserted, namely: - “(xiii) an apartment booked on or before the 31st March, 2019 shall mean an apartment which meets all the following three conditions, namely- (a) part of supply of construction of which has time of supply on or before the 31st March, 2019 and (b) at least one instalment has been credited to the bank account of the registered person on or before the 31st March, 2019 and (c) an allotment letter or sale agreement or any other similar document evidencing booking of the apartment has been issued on or before the 31st March, 2019; (xiv) the term “apartment” shall have the same meaning as assigned to it in clause (e) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); (xv) the term “project” shall mean a Real Estate Project or a Residential Real Estate Project; (xvi) the term “affordable residential apartment” shall mean, - (a) a residential apartment in a project which commences on or after 1st April, 2019, or in an ongoing project in respect of which the promoter has not exercised option in the prescribed form to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, having carpet area not exceeding 60 square meter in metropolitan cities or 90 square meter in cities or towns other than metropolitan cities and for which the gross amount charged is not more than forty five lakhs rupees. For the purpose of this clause, - (i) Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR) with their respective geographical limits prescribed by an order issued by the Central or State Government in this regard; 9 (ii) Gross amount shall be the sum total of; - A. Consideration charged for the services specified at item (i) and (ic) in column (3) against sl. No. 3 in the Table; B. Amount charged for the transfer of land or undivided share of land, as the case may be including by way of lease or sub lease; and C. Any other amount charged by the promoter from the buyer of the location charges, development apartment charges, parking charges, common facility charges etc.; including preferential (b) an apartment being constructed in an ongoing project under any of the schemes specified in sub-item (b), sub-item (c), sub-item (d), sub-item (da) and sub-item (db) of item (iv); sub-item (b), sub-item (c), sub-item (d) and sub-item (da) of item (v); and sub-item (c) of item (vi), against serial number 3 of the Table above, in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be.” (xvii) the term “promoter” shall have the same meaning as assigned to it in in clause (zk) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); (xviii) the term “Real Estate Project (REP)” shall have the same meaning as assigned to it in in clause (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); (xix) the term “Residential Real Estate Project (RREP)” shall mean a REP in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP; (xx) the term “ongoing project” shall mean a project which meets all the following conditions, namely- (a) commencement certificate in respect of the project, where required to be issued by the competent authority, has been issued on or before 31st March, 2019, and it is certified by any of the following that construction of the project has started on or before 31st March, 2019:- (i) an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972); or (ii) a chartered engineer registered with the Institution of Engineers (India); or (iii) a licensed surveyor of the respective local body of the city or town or village or development or planning authority. (b) where commencement certificate in respect of the project, is not required to be issued by the competent authority, it is certified by any of the authorities specified in sub- clause (a) above that construction of the project has started on or before the 31st March, 2019; 10 (c) completion certificate has not been issued or first occupation of the project has not taken place on or before the 31st March, 2019; (d) apartments being constructed under the project have been, partly or wholly, booked on or before the 31st March, 2019. Explanation.- For the purpose of sub- clause (a) and (b) above , construction of a project shall be considered to have started on or before the 31st March, 2019, if the earthwork for site preparation for the project has been completed and excavation for foundation has started on or before the 31st March, 2019. (xxi) "commencement certificate" means the commencement certificate or the building permit or the construction permit, by whatever name called issued by the competent authority to allow or permit the promoter to begin development works on an immovable property, as per the sanctioned plan; (xxii) "development works" means development works on immovable property; the external development works and internal (xxiii) "external development works" includes roads and road systems landscaping, water supply, seweage and drainage systems, electricity supply transformer, sub-station, solid waste management and disposal or any other work which may have to be executed in the periphery of, or outside, a project for its benefit, as may be provided under the local laws; (xxiv) "internal development works" means roads, footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings and for treatment and disposal of sewage and sullage water, solid waste management and disposal, water conservation, energy management, fire protection and fire safety requirements, social infrastructure such as educational health and other public amenities or any other work in a project for its benefit, as per sanctioned plans; (xxv) the term "competent authority” as mentioned in definition of “commencement certificate” and “residential apartment”, means the local authority or any authority created or established under any law for the time being in force by the Central Government or State Government or Union Territory Government, which exercises authority over land under its jurisdiction, and has powers to give permission for development of such immovable property; (xxvi) The term “carpet area” shall have the same meaning assigned to it in in clause (k) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); (xxvii) the term “Real Estate Regulatory Authority” shall mean the Authority established under sub- section (1) of section 20 (1) of the Real Estate (Regulation and Development) Act, 2016 (No. 16 of 2016) by the Central Government or State Government; (xxviii) “project which commences on or after 1st April, 2019” shall mean a project other than an ongoing project; (xxix) “Residential apartment” shall mean an apartment intended for residential use as declared to the Real Estate Regulatory Authority or to competent authority; 11 (xxx) “Commercial apartment” shall mean an apartment other than a residential apartment; (xxxi) “floor space index (FSI)” shall mean the ratio of a building’s total floor area (gross floor area) to the size of the piece of land upon which it is built; 2. This notification shall come into force with effect from the 1st day of April, 2019. [F. No.354/32/2019-TRU] (Pramod Kumar) Deputy Secretary to the Government of India Note: - The principal notification No. 8/2017 - Integrated Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, vide number G.S.R. 683 (E), dated the 28th June, 2017 and was last amended by notification No. 31/2018-Integrated Tax (Rate), dated the 31st December, 2018 vide number G.S.R. 1278 (E), dated the 31st December, 2018. 12 Real estate project (REP) other than Residential Real estate project (RREP) Annexure I Input tax credit attributable to construction of residential portion in a real estate project (REP) other than residential real estate project (RREP), which has time of supply on or after 1st April, 2019, shall be calculated project wise for all projects which commence on or after 1st April, 2019 or ongoing projects in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, in the prescribed manner, before the due date for furnishing of the return for the month of September following the end of financial year 2018-19, in the following manner: 1. Where % completion as on 31st March, 2019 is not zero or where there is inventory in stock (a) Input tax credit on inputs and input services attributable to construction of residential portion in a REP, which has time of supply on or after 1st April, 2019, may be denoted as Tx. Tx shall be calculated as under: Tx=T-Te Where, (i) (ii) T is the total ITC availed (utilized or not) on inputs and input services used in construction of the REP from 1st July, 2017 to 31st March, 2019 including transitional credit taken on 1st July, 2017; Te is the eligible ITC attributable to (a) construction of commercial portion and (b) construction of residential portion, in the REP which has time of supply on or before 31st March, 2019; (b) Te shall be calculated as under: Te=Tc+Tr Where, - Tc is the ITC attributable to construction of commercial portion in the REP, calculated as under: Tc =T * (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP) and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31st March, 2019 and which shall be calculated as under, Tr= T* F1 * F2 * F3* F4 Where, - 13 F1= Carpet area of residential apartments in REP Total carpet area of commercial and residential apartments in the REP Total carpet area of residential apartment booked on or before 31st March, 2019 Total carpet area of the residential apartment in REP Such Value of supply of construction of residential apartments booked on or before 31st March, 2019 which has time of supply on or before 31st March, 2019 F2 = F3 = Total value of supply of construction of residential apartments booked on or before 31st March, 2019 (F3 is to account for percentage invoicing of booked residential apartments) F4= 1 % Completion of construction as on 31st March, 2019 Illustration: where one- fifth (twenty percent) of the construction has been completed, F4 shall be 100 ÷ 20 = 5. Explanation: “% Completion of construction as on 31st March, 2019” shall be the same as declared to the Real Estate Regulatory Authority in terms of section 4 and section 11 of Real Estate (Regulation and Development) Act, 2016 (16 of 2016) and where the same is not required to be declared to the Real Estate Regulatory Authority, it shall be got determined and certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India). A registered person shall have the option to calculate ‘Te’ in the manner prescribed (c) below instead of the manner prescribed in (b) above,- Te shall be calculated as under: Te = Tc + T1 + Tr Where, - Tc is the ITC attributable to construction of commercial portion in the REP, calculated as under: 14 Tc =T3 * (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP); Wherein T3 = T- (T1 + T2) T1 = ITC attributable exclusively to construction of commercial portion in the REP T2 = ITC attributable exclusively to construction of residential portion in the REP and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31.03.2019 and which shall be calculated as under, Tr = (T3 + T2)* F1 * F2 * F3* F4 or Tr = (T- T1)* F1 * F2 * F3* F4 The amounts ‘Tx’ and ‘Te’ shall be computed separately for input tax credit of (d) central tax, State tax, Union territory tax and integrated tax. (e) Where, Tx is positive, i.e. Te<T, the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equal to the difference between T and Te. Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST ITC- 03. Explanation: The registered person may file an application in FORM GST DRC- 20, seeking extension of time for the payment of taxes or any amount due or for allowing payment of such taxes or amount in installments in accordance with the provisions of section 80. The commissioner may issue an order in FORM GST DRC- 21 allowing the taxable person further time to make payment and/or to pay the amount in such monthly installments, not exceeding twenty-four, as he may deem fit. (f) Where Tx is negative, i.e. Te>T, the registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of residential portion in the REP, for which he shall not otherwise be eligible, to the extent of difference between Te and T. (g) The registered person may calculate Tc and utilize credit to the extent of Tc for payment of tax on commercial apartments, till the complete accounting of Tx is carried out and submitted. (h) Where percentage completion is zero but ITC has been availed on goods and services received for the project on or prior to 31st March, 2019, input tax credit attributable to construction of residential portion which has time of supply on or after 1st April, 2019, shall be calculated and the amount equal to Tx shall be paid or taken credit of, as the case 15 may be, as prescribed above, with the modification that percentage completion for calculation of F4 shall be taken as the percentage completion which, as certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India), can be achieved with the input services received and inputs in stock as on 31st March, 2019. 2. Where % completion as on 31st March, 2019 is zero but invoicing has been done having time of supply before 31st March, 2019, and no input services or inputs have been received as on 31st March, 2019, “Te” shall be calculated as follows: - (a) Input tax credit on inputs and input services attributable to construction of residential portion in a REP, which has time of supply on or before 31st March, 2019 may be denoted as Te which shall be calculated as under, Te = Tc + Tr Where, - Tc is the ITC attributable to construction of commercial portion in the REP, calculated as under: Tc =Tn* (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP) and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31st March, 2019 and which shall be calculated as under, Tr = Tn* F1 * F2 * F3 Where, - Tn= Tax paid on such inputs and input services on which ITC is available under the CGST Act, received in 2019-20 for construction of REP F1, F2 and F3 shall be the same as in para 1 above (b) The registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of residential portion in the REP, for which he shall not otherwise be eligible, to the extent of the amount of Te. The amount ‘Te’ shall be computed separately for input tax credit of central tax, (c) State tax, Union territory tax and integrated tax. Notwithstanding anything contained in paragraph 1 or paragraph 2 above, Te shall 3. be determined in the following situations as under: (i) where percentage invoicing is more than the percentage completion and the difference between percentage invoicing (per cent. points) and the percentage completion (per cent. points) of construction is more than 25 per cent. points; the 16 (ii) value of percentage invoicing shall be deemed to be percentage completion plus 25 percent. points; where the value of invoices issued on or prior to 31st March, 2019 exceeds the consideration actually received on or prior to 31st March, 2019 by more than 25 per cent. of consideration actually received; the value of such invoices for the purpose of determination of percentage invoicing shall be deemed to be actual consideration received plus 25 percent. of the actual consideration received; and (iii) where, the value of procurement of inputs and input services prior to 1st April, 2019 exceeds the value of actual consumption of the inputs and input services used in the percentage of construction completed as on 31st March, 2019 by more than 25 percent. of value of actual consumption of inputs and input services, the jurisdictional commissioner or any other officer authorized in this regard may fix the Te based on actual per unit consumption of inputs and input services based on the documents duly certified by a chartered accountant or cost accountant submitted by the promoter in this regard, applying the accepted principles of accounting. Illustration 1: 17 ABCD1No. of apartments in the project 100units2No. of residential apartments in the project75units3Carpet area of the residential apartment70sqm4Total carpet area of the residential apartmentsC2 * C35250sqm5value of each residential apartment0.60crore6Total value of the residential apartmentsC2 * C545.00crore7No. of commercial apartments in the project25units8Carpet area of the commercial apartment30sqm9Total carpet area of the commercial apartmentsC7 * C8750sqm10Total carpet area of the project (Resi + Com)C4 + C96000sqm11Percentage completion as on 31.03.2019 [as declared to RERA or determined by chertered engineer]20%12No of residential apartments booked before transition 40units13Total carpet area of the residential apartments booked before transitionC12 * C32800sqm14Value of booked residential apartmentsC5 * C1224crore15Percentage invoicing of booked residential apartments on or before 31.03.2019 20%16Total value of supply of residential apartments having t.o.s. prior to transitionC14 * C154.8crore17ITC to be reversed on transition, Tx= T- Te18Eligible ITC (Te)= Tc + Tr19T (*see notes below)1crore20Tc= T x (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP)C19 * (C9/ C10)0.125crore21Tr= T x F1 x F2 x F3 x F4 22F1C4 / C100.87523F2C13 / C40.53324F3C16 / C140.20025F41/ C11526Tr= T x F1 x F2 x F3 x F4C19 * C22 * C23 * C24 * C250.467crore27Eligible ITC (Te)=Tc + TrC26 + C20 0.592crore28ITC to be reversed on transition, Tx= T- TeC19 - C270.408croreDetails of a REP (Res + Com)Sl. No* Note:-1. The value of T at C19 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencemnt of project which is later and transitional credit taken under section 140 of CGST Act' as value of T. Illustration 2: [F. No.354/32/2019-TRU] (Pramod Kumar) 18 ABCD1No. of apartments in the project 100units2No. of residential apartments in the project75units3Carpet area of the residential apartment70sqm4Total carpet area of the residential apartmentsC2 * C35250sqm5value of each residential apartment0.60crore6Total value of the residential apartmentsC2 * C545.00crore7No. of commercial apartments in the project25units8Carpet area of the commercial apartment30sqm9Total carpet area of the commercial apartmentsC7 * C8750sqm10Total carpet area of the project (Resi + Com)C4 + C96000sqm11Percentage completion (Pc) as on 31.03.2019 [as declared to RERA or determined by chertered engineer]20%12No of residential apartments booked before transition 40units13Total carpet area of the residential apartments booked before transitionC12 * C32800sqm14Value of booked residential apartmentsC5 * C1224crore15Percentage invoicing of booked residential apartments on or before 31.03.2019 60%16Total value of supply of residential apartments having t.o.s. prior to transitionC14 * C1514.4crore17ITC to be reversed on transition, Tx= T- Te18Eligible ITC (Te)= Tc + Tr19T (*see notes below)1crore20Tc= T x (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP)C19 * (C9/ C10)0.125crore21Tr= T x F1 x F2 x F3 x F4 22F1C4 / C100.87523F2C13 / C40.53324F3C16 / C140.60025F41/ C11526Tr= T x F1 x F2 x F3 x F4C19 * C22 * C23 * C24 * C251.400crore27Eligible ITC (Te)=Tc + TrC26 + C20 1.525crore28ITC to be reversed/ taken on transition, Tx= T- TeC19 - C27-0.525crore29Tx after application of cap on % invoicing vis-a-vis Pc30% completion20%31% invoicing60%32% invoicing after application of cap(Pc + 25%) C11+25%45%33Total value of supply of residential apartments having t.o.s. prior to transitionC14*C3210.80crore34F3 after application of capC33/C140.4535Tr= T x F1 x F2 x F3 x F4 (after application of cap)C19 * C22 * C23 * C34 * C251.05crore36Eligible ITC (Te)=Tc + Tr (after application of cap)C20 + C351.18crore37ITC to be reversed / taken on transition, Tx= T- Te (after application of cap)C19 - C36-0.18crore38Tx after application of cap on % invoicing vis-a-vis Pc and payment realisation39% invoicing after application of cap(Pc + 25%) 45%40Total value of supply of residential apartments having t.o.s. prior to transitionC3310.80crore41Consideration received8.00crore42Total value of supply of residential apartments having t.o.s. prior to transition after application of cap vis-a-vis consideration received8 cr + 25% of 8 Cr10.00crore43F3 after application of both the capsC42 / C140.4244Tr= T x F1 x F2 x F3 x F4 (after application of both the caps)C19 * C22 * C23 * C43 * C250.9745Eligible ITC (Te)=Tc + Tr (after application of both the caps)C20 + C441.1046ITC to be reversed / taken on transition, Tx= T- Te (after application of both the caps)C19 - C45-0.10croreSl. NoDetails of a REP (Res + Com)* Note:-1. The value of T at C19 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencemnt of project which is later and transitional credit taken under section 140 of CGST Act' as value of T. Residential Real estate project (RREP) Annexure II Input tax credit attributable to construction of residential and commercial portion in a Residential Real estate project (RREP), which has time of supply on or after 1st April, 2019, shall be calculated project wise for all projects which commence on or after 1st April, 2019 or ongoing projects in respect of which the promoter has not exercised option to pay integrated tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, in the prescribed manner, before the due date for furnishing of the return for the month of September following the end of financial year 2018-19, in the following manner: 1. Where % completion as on 31st March, 2019 is not zero or where there is inventory in stock (a) Input tax credit on inputs and input services attributable to construction of residential and commercial portion in an RREP, which has time of supply on or after 1st April, 2019, may be denoted as Tx. Tx shall be calculated as under: Tx=T-Te Where, (i) T is the total ITC availed (utilized or not) on inputs and input services used in construction of the RREP from 1st July, 2017 to 31st March, 2019 including transitional credit taken on 1st July, 2017; (ii) Te is the eligible ITC attributable to construction of commercial portion and construction of residential portion, in the RREP which has time of supply on or before 31st March, 2019; (b) Te shall be calculated as under: Te= T* F1 * F2 * F3* F4 Where, - F1= Carpet area of residential and commercial apartments in the RREP Total carpet area of apartments in the RREP (In case of a Residential Real Estate Project, value of “F1” shall be 1.) F2= Total carpet area of residential and commercial apartment booked on or before 31st March, 2019 Total carpet area of the residential and commercial apartment in the RREP 19 F3= Such value of supply of construction of residential and commercial apartments booked on or before 31st March, 2019 which has time of supply on or before 31st March, 2019 Total value of supply of construction of residential and commercial apartments booked on or before 31st March, 2019 (F3 is to account for percentage invoicing of booked residential apartments) F4= 1 % Completion of construction as on 31st March, 2019 Illustration: where one- fifth (twenty percent) of the construction has been completed, F4 shall be 100 ÷ 20 = 5. Explanation: “% Completion of construction as on 31st March, 2019” shall be the same as declared to the Real Estate Regulatory Authority in terms of section 4 and section 11 of Real Estate (Regulation and Development) Act, 2016 and where the same is not required to be declared to the Real Estate Regulatory Authority, it shall be got determined and certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India). The amounts ‘Tx’ and ‘Te’ shall be computed separately for input tax credit of (c) central tax, State tax, Union territory tax and integrated tax. (d) Where, Tx is positive, i.e. Te < T, the registered person shall pay, by debit in the electronic credit ledger or electronic cash ledger, an amount equal to the difference between T and Te. Such amount shall form part of the output tax liability of the registered person and the amount shall be furnished in FORM GST ITC- 03. Explanation: The registered person may file an application in FORM GST DRC- 20, seeking extension of time for the payment of taxes or any amount due or for allowing payment of such taxes or amount in installments in accordance with the provisions of section 80. The commissioner may issue an order in FORM GST DRC- 21 allowing the taxable person further time to make payment and/or to pay the amount in such monthly installments, not exceeding twenty-four, as he may deem fit. (e) Where, Tx is negative, i.e. Te>T, the registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of the RREP, for which he shall not otherwise be eligible, to the extent of difference between Te and T. (f) Where percentage completion is zero but ITC has been availed on goods and services received for the project on or prior to 31st March, 2019, input tax credit attributable 20 to construction of residential and commercial portion which has time of supply on or after 1st April, 2019, shall be calculated and the amount equal to Tx shall be paid or taken credit of, as the case may be, as prescribed above, with the modification that percentage completion for calculation of F4 shall be taken as the percentage completion which, as certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India), can be achieved with the input services received and inputs in stock as on 31st March, 2019. 2. Where % completion as on 31st March, 2019 is zero but invoicing has been done having time of supply before 31st March, 2019, and no input services or inputs have been received as on 31st March, 2019, “Te” shall be calculated as follows: - (a) Input tax credit on inputs and input services attributable to construction of residential and commercial portion in an RREP, which has time of supply on or before 31st March, 2019 may be denoted as Te which shall be calculated as under, Te = Tn* F1 * F2 * F3 Where, - Tn= Tax paid on such inputs and input services on which ITC is available under the CGST Act, received in 2019-20 for construction of residential and commercial apartments in the RREP. F1, F2 and F3 shall be the same as in para 1 above The registered person shall be eligible to take ITC on goods and services received on (b) or after 1st April, 2019 for construction of residential or commercial portion in the RREP, for which he shall not otherwise be eligible, to the extent of the amount of Te. The amount ‘Te’ shall be computed separately for input tax credit of central tax, (c) State tax, Union territory tax and integrated tax. 3. Notwithstanding anything contained in paragraph 1 or paragraph 2 above, Te shall be determined in the following situations as under: (i) (ii) where percentage invoicing is more than the percentage completion and the difference between percentage invoicing (per cent. points) and the percentage completion (per cent. points) of construction is more than 25 per cent. points; the value of percentage invoicing shall be deemed to be percentage completion plus 25 percent. points; where the value of invoices issued on or prior to 31st March, 2019 exceeds the consideration actually received on or prior to 31st March, 2019 by more than 25 per cent. of consideration actually received; the value of such invoices for the purpose 21 of determination of percentage invoicing shall be deemed to be actual consideration received plus 25 per cent. of the actual consideration received; and (iii) where, the value of procurement of inputs and input services prior to 1st April, 2019 exceeds the value of actual consumption of the inputs and input services used in the percentage of construction completed as on 31st March, 2019 by more than 25 per cent. of value of actual consumption of inputs and input services, the jurisdictional commissioner or any other officer authorized in this regard may fix the Te based on actual per unit consumption of inputs and input services based on the documents duly certified by a chartered accountant or cost accountant submitted by the promoter in this regard, applying the accepted principles of accounting. 22 Illustration 1: 23 ABCD1No. of apartments in the project 100units2No. of residential apartments in the project100units3Carpet area of the residential apartment70sqm4Total carpet area of the residential apartmentsC2 * C37000sqm5value of each residential apartment0.60crore6Percentage completion as on 31.03.2019 [as declared to RERA or determined by chertered engineer]20%7No of apartments booked before transition 80units8Total carpet area of the residential apartment booked before transitionC3 * C75600sqm9Value of booked residential apartmentsC5 * C748crore10Percentage invoicing of booked residential apartments on or before 31.03.2019 20%11Total value of supply of residential apartments having t.o.s. prior to transitionC9 * C109.6crore12ITC to be reversed on transition, Tx= T- Te13Eligible ITC (Te)=T x F1 x F2 x F3 x F4)14T (*see notes below)1crore15F1116F2C8 / C40.817F3C11 / C90.218F41/ C6519Eligible ITC (Te)=T x F1 x F2 x F3 x F4)C14 * C15 * C16 * C17 * C180.8crore20ITC to be reversed on transition, Tx= T- TeC14 - C190.2croreDetails of a residential real estate project (RREP)Sl No*Note:-1. The value of T at C14 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencemnt of project which is later and transitional credit taken under section 140 of CGST Act' as value of T. Illustration 2: [F. No.354/32/2019-TRU] (Pramod Kumar) 24 ABCD1No. of apartments in the project 100units2No. of residential apartments in the project100units3Carpet area of the residential apartment70sqm4Total carpet area of the residential apartmentsC2 * C37000sqm5value of each residential apartment0.60crore6Percentage completion as on 31.03.2019 [as declared to RERA or determined by chertered engineer]20%7No of apartments booked before transition 80units8Total carpet area of the residential apartment booked before transitionC3 * C75600sqm9Value of booked residential apartmentsC5 * C748crore10Percentage invoicing of booked residential apartments on or before 31.03.2019 60%11Total value of supply of residential apartments having t.o.s. prior to transitionC9 * C1028.8crore12ITC to be reversed on transition, Tx= T- Te13Eligible ITC (Te)=T x F1 x F2 x F3 x F4)14T (*see notes below)1crore15F1116F2C8 / C40.817F3C11 / C90.618F41/ C6519Eligible ITC (Te)=T x F1 x F2 x F3 x F4)C14 * C15 * C16 * C17 * C182.4crore20ITC to be reversed on transition, Tx= T- TeC14 - C19-1.4crore21Tx after application of cap on % invoicing vis-a-vis Pc22% completion20%23% invoicing60%24% invoicing after application of cap(Pc + 25%) C6 + 25 %45%25Total value of supply of residential apartments having t.o.s. prior to transitionC9 * C2421.60crore26F3 after application of capC25/C90.4527Te= T x F1 x F2 x F3 x F4 (after application of cap)C14 * C15 * C16 * C26 * C181.80crore28ITC to be reversed / taken on transition, Tx= T- Te (after application of cap)C14 - C27-0.80crore29Tx after application of cap on % invoicing vis-a-vis Pc and payment realisation30% invoicing after application of cap(Pc + 25%) 45%31Total value of supply of residential apartments having t.o.s. prior to transitionC2521.60crore32consideration received16.00crore33Total value of supply of residential apartments having t.o.s. prior to transition after application of cap vis-a-vis consideration received16 cr + 25% of 16 Cr20.00crore34F3 after application of both the capsC33/C90.4235Te= T x F1 x F2 x F3 x F4 (after application of both the caps)C14 * C15 * C34 * C26 * C181.6736ITC to be reversed / taken on transition, Tx= T- Te (after application of both the caps)C14 - C35-0.67croreSl NoDetails of a residential real estate project (RREP)*Note:-1. The value of T at C14 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencemnt of project which is later and transitional credit taken under section 140 of CGST Act' as value of T. Illustration 1: A promoter has procured following goods and services [other than capital goods and services by way of grant of development rights, long term lease of land or FSI] for construction of a residential real estate project during a financial year. Annexure III Sl. No. Name of services input goods and 1 2 3 4 5 6 7 8 Sand Cement Steel Bricks Flooring tiles Paints Architect/ designing/ CAD drawing etc. Aluminium windows, Ply, commercial wood of input services the during and Percentage goods received financial year 10 15 20 15 10 5 10 15 inputs received Whether from registered supplier? (Y/ N) Y N Y Y Y Y Y Y In this example, the promoter has procured 80 per cent. of goods and services [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], from a GST registered person. However, he has procured cement from an unregistered supplier. Hence at the end of financial year, the promoter has to pay GST on cement at the applicable rates on reverse charge basis. Illustration 2: A promoter has procured following goods and services [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], for construction of a residential real estate project during a financial year. Sl. No. Name of services input goods and 1 2 3 4 5 6 Sand Cement Steel Bricks Flooring tiles Paints of input services the during and Percentage goods received financial year 10 15 20 15 10 5 inputs received Whether from registered supplier? (Y/ N) Y Y Y Y Y N 25 7 8 Architect/ designing/ CAD drawing etc. Aluminium windows, Ply, commercial wood 10 15 Y N In this example, the promoter has procured 80 per cent. of goods and services including cement from a GST registered person. However, he has procured paints, aluminum windows, ply and commercial wood etc. from an unregistered supplier. Hence at the end of financial year, the promoter is not required to pay GST on inputs on reverse charge basis. Illustration 3: A promoter has procured following goods and services [other than services by way of grant of development rights, long term lease of land (against upfront payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], for construction of a residential real estate project during a financial year. Sl. No. Name of services input goods and 1 2 3 4 5 6 7 8 9 Sand Cement Steel Bricks Flooring tiles Paints Architect/ designing/ CAD drawing etc. Aluminium windows Ply, commercial wood of input services the during and Percentage goods received financial year 10 15 15 10 10 5 10 15 10 Whether inputs procured from registered supplier? (Y/ N) N N Y Y Y Y Y N N In this example, the promoter has procured 50 per cent. of goods and services from a GST registered person. However, he has procured sand, cement and aluminum windows, ply and commercial wood etc. from an unregistered supplier. Thus, value of goods and services procured from registered suppliers during a financial year falls short of threshold limit of 80 per cent. To fulfill his tax liability on the shortfall of 30 per cent. from mandatory purchase, the promoter has to pay GST on cement at the applicable rate on reverse charge basis. After payment of GST on cement, on the remaining shortfall of 15 per cent., the promoter shall pay tax @ 18 per cent. under RCM. [F. No.354/32/2019-TRU] (Pramod Kumar) 26 FORM (Form for exercising one time option to pay tax on construction of apartments in a project by the promoters at the rate as specified for item (ie) or (if), against serial number 3 in the Table in this notification, as the case may be, by the 10th of May, 2019) Annexure IV Reference No. ___________________ Date ____________ To ____________________ ____________________ ____________________ (To be addressed to the jurisdictional Commissioner) 1. 2. 3. 4. 5. 6. 1. 2. 3. GSTIN: RERA registration Number of the Project: Name of the project, if any: The location details of the project, with clear demarcation of land dedicated for the project along with its boundaries including the longitude and latitude of the end points of the project: The number, type and the carpet area of apartments for booking or sale in the project: Date of receipt of commencement certificate: Declaration I hereby exercise the option to pay tax on construction of apartments in the above mentioned project as under : I shall construction apartments: (put box) (√) pay tax on the of in appropriate item (ie) or At the rate as specified for (if), against serial number 3 in this notification, as the case may be the Table in At the rate as specified for item (i) or (ia) or (ib) or (ic) or (id), against serial number 3 in the Table in this notification, as the case may be I understand that this is a onetime option, which once exercised, shall not be allowed to be changed. I also understand that invoices for supply of the service can be issued during the period from 1st April 2019 to 10th May 2019 before exercising the option, but such invoices shall be in accordance with the option being exercised herein. Signature ___________________ Name _______________________ Designation _________________ Place __________________ Date __________________ 27

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