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Time of Supply - Services - GST - Time of Supply - GST

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..... nder reverse charge, Supply of vouchers that can be used to pay for services, Residual cases Addition to value of supply of services by way of interest or late fee or penalty for delayed payment. We consider below how the time of supply is determined in each of these situations. 1.1 Time of supply of services subject to forward charge (also apply to who opt composition scheme sec. 10) Sec. 13(2) 1.If invoice issued within time under section 31 , Earliest of the following date Date of issues of invoice or Date of receipt of payment ,to the extent the payment covers the supply of services, (whichever is earlier) Date of entry in the books of accounts, or Credit date in the bank account 2. If invoice not issued with in time under section 31, E .....

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Time of Supply - Services - GST - Time of Supply - GST

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..... 07.2017 or 14.08.2017. Although tax is payable on any advance received for a supply of services, however for the convenience of trade it is provided that if a supplier of taxable services receives an amount up to ₹ 1000/- in excess of the amount indicated on the tax invoice, then the supplier has an option to take the date of issue of invoice in respect of such supply as time of supply. Example:- The supply of services shall deemed to have been made to the extent it is covered by the invoice or by the payment, as the case may be. For example, Firm ‘A’ receives an advance of ₹ 2500/- on 29.07.2017 for provision of services worth ₹ 10000/- to be supplied in the month of September, then it is deemed that firm &lsq .....

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Time of Supply - Services - GST - Time of Supply - GST

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..... er has been defined in the CGST Act, 2017 as an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services or both and where the goods or services or both to be supplied or the identities of their potential suppliers are either indicated on the instrument itself or in related documentation, including the terms and conditions of use of such instrument. Vouchers are commonly used for transaction in the Indian economy. A shopkeeper may issue vouchers for specific supply i.e. supply is identifiable at the time of issuance of voucher. In trade parlance, these are known as single purpose vouchers. For example, vouchers for pressure cookers or Television or for spa or haircut. Simi .....

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Time of Supply - Services - GST - Time of Supply - GST

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..... date on which it is received by the supplier and tax liability on this is to be discharged by 20.01.2018. Time limit for issuance of invoice for supply of services under section 31 The criteria to determine the time of supply of services depend upon whether the invoice is issued within the time prescribed under section 31. As per section 31(2) read with rule 47 of CGST Rules, the tax invoice needs to be issued either before the provision of service or within 30 days (45 days in case of insurance companies/ banking companies/ financial institutions including NBFCs) from the date of supply of service. In case of insurance companies/ banking companies/ financial institutions including NBFCs/ telecom companies/ notified supplier of services ma .....

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Time of Supply - Services - GST - Time of Supply - GST

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