Gst on land cost in case of sale of flats

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..... 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 .....

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..... 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 la .....

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..... nd value. Wat is liability. 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 .....

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..... deduction thereby 5percent 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 .....

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..... value at rate of 7.5%. Sale 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 .....

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..... agreement or transfer of rights in land. Will depend on the nature of contract. No ITC for projects started after 1st April 2019 - Gst on land cost in case of sale of flats - Query Started By: - Ra .....

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..... vi G Dated:- 5-2-2022 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - .....

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..... taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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