Regardless, it marks the first time a touring team has had the option to enforce the follow on twice in one summer in Australia.
Australia, reeling from a record three-consecutive declarations this series, gave up their biggest first-innings deficit at the famed venue since 1936.
Peter Handscomb was 28 not out and Pat Cummins was on 25, with Australia still needing another 287 runs to avoid the prospect of the follow-on after India posted 622-7 declared in their first innings.
Australia was six without loss in its second innings, with Marcus Harris unbeaten on two and Usman Khawaja on four, as an early tea was taken due to bad light.
The only question is whether Australia will salvage a draw on Monday or the tourists will complete a crushing 3-1 series victory.
India have all but confirmed their first series Test victory in Australia by batting for almost two full days in raising 622-7 declared with Pujara (193) and Pant (159 not out) scoring centuries.
After a positive start to day three, Australia's suffered a trademark collapse, losing 3-24.
Recalled tweaker Kuldeep Yadav finished with figures of 5-99.
Mitchell Starc and Josh Hazlewood shared an entertaining 42-run partnership for the last wicket to take Australia past 300 for just the second time this series, before Kuldeep got his fifth by having Hazlewood (21) out lbw in the 105th over.
Rahane had to work considerably harder for the catch that dismissed Labuschagne for 38 off the bowling of Mohammed Shami, diving low to his left to grab the ball with both hands. Kuldeep Yadav was at the helm of it, picking his second five-wicket haul in Test cricket. Jasprit Bumrah had Peter Handcomb chopping on an incoming delivery onto his stumps.
Yadav eventually had his man and ended the innings, trapping Hazlewood lbw with a wrong'un.
