Gst on land cost in case of sale of flats

[Ravi G]

A builder has two scenario

1. He owns land (land held as stock) builds flats in it. He make separate land sale agreement and builders agreement. Is gst 5% payable also on land sale value as same will be reported as part of turnover?

2. Is only a power holder of land. Builds and sells flats. Sale of land is made as separate agreement. Collects and pays full to owner/retains marginal Amt in the land value. Wat is liability.

Is it like 7.5% gst rate and 1/3rd adjusted for land so its 5% payable without itc?

AI Summary

GST on land component: taxable value reduced to exclude land portion, with GST applied on the remaining value.
GST on the sale of flats treats the total sale price as inclusive of land, computes taxable value as two thirds of that price, and applies the GST rate on the reduced value; where the builder acts under a developer agreement or power of attorney the levy depends on the contractual nature of the transfer, and projects started after the notified date face restrictions on input tax credit.