TaxTMI 
TaxTMI 
Gst on land cost in case of sale of flats
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....st on land cost in case of sale of flats<br> Query (Issue) Started By: - Ravi G Dated:- 5-2-2022 Last Reply Date:- 6-2-2022 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>A builder has two sc....
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....enario 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....
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.... 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 lia....
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....bility. Is it like 7.5% gst rate and 1/3rd adjusted for land so its 5% payable without itc? Reply By Shilpi Jain: The Reply: Yes. The rate of tax is 7.5 percent with 1/3rd deduction thereby 5perce....
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....nt net rate. How is the amount withheld by power of attorney holder towards land? Reply By Altamush Zafar: The Reply: 1) The taxable value will be taken as 2/3rd of sale value at rate of 7.5%. Sale....
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.... value will be including value of land. 2) I assume by power holder you mean to say that builder and owner of land are different so in that case there will be a developer agreement or transfer of rig....
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....hts in land. Will depend on the nature of contract. No ITC for projects started after 1st April 2019<br> Discussion Forum - Knowledge Sharing ....