In case of Builder, Failure to submit Intimation (Annexure IV) of one time option of either 5% or 12% on construction of RREP in specified period. - Goods and Services Tax - GST

Business : LLP Firm is engaged in the business of construction of houses other than affordable houses. LLP Firm is charging GST @ 12% on advances received for houses in F.Y 2018-19. Amendment : There was change in GST rate from 01.04.2019 due to Notification No. 3/2019-CT(R) to 9/2019-CT(R) all dated 29/3/2019 where the promoters shall be given a one -time option to continue to pay tax at the old rates (effective rate of 8% or 12% with ITC) on ongoing projects (buildings where construction and actual booking have both started before 01.04.2019) which have not been completed by 31.03.2019. The option shall be exercised once within a prescribed time frame and where the option is not exercised within the prescribed time limit, new rates shall apply. In the said Notification for column No. 5 Sl.No. (ie) is given below :- Provided also that where the option is not 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.; Case : In F.Y 2019-20, LLP firm has opted GST rate of 12% with ITC. Further they filed GST returns ( GSTR 1 GSTR 3B ) from April 19 to December 19 on regular basis by charging GST at old rate of 12% with ITC on ongoing project. However LLP Firm was failed to submit annexure IV related to one time option to jurisdictional commissioner by the 20th May, 2019 and submitted the same on 5th January 2020 by opting for old rate of 12%. Issues : What are the consequences of late submission of annexure IV to the jurisdictional Commissioner? What are the penal provision in GST Act related to the non compliance?