Time of Supply in GST - GST Law and Procedure [January, 2019] - GST

..... he payment” or “the date of receipt of payment” means the date on which payment is entered in books of accounts of the supplier or the date on which the payment is credited to his bank account, whichever is earlier. Time of issue of invoice for supply As per section 31 of the CGST Act, 2017 an invoice for supply of goods needs to be issued before or at the time of removal of goods for supply to the recipient where the supply involves movement of goods. However, in other cases, invoice needs to be issued before or at the time of delivery of goods or making available goods to the recipient. Similarly, an invoice for supply of services needs to be issued before or after the provision of service but not later than thirty days .....

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Time of Supply in GST - GST Law and Procedure January, 2019 - GST

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..... o this class of persons (registered persons making supplies of goods other than composition dealers) even in situations governed by Section 14 of the Act (change in rate). Notification no. 66/2017-Central Tax dated 15.11.2017 may be referred to. Time of supply of services (Default Rule) Earliest of the following dates If the invoice is issued within the legally prescribed period under section 31(2) of the CGST Act, 2017 read with Rule 47 of CGST Rules, 2017 (which is thirty days from the date of the supply of service), then the date of issue of invoice by the supplier or date of receipt of payment, which ever is earlier. If the invoice is not issued within the legally prescribed period under section 31(2) of the CGST Act, 2017 then the date .....

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Time of Supply in GST - GST Law and Procedure January, 2019 - GST

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..... entered in the books of accounts of the recipient or the date on which the payment is debited in his bank account, whichever is earlier. Date immediately following 30 days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier. However, if it is not possible to determine the time of supply in aforesaid manner then the time of supply is the date of entry of the transaction in the books of accounts of the recipient of supply. Time of supply of services when tax is to be paid on reverse charge basis Earliest of the following dates Date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier Date immediately fo .....

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Time of Supply in GST - GST Law and Procedure January, 2019 - GST

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..... Stop store can be used for buying any product at any Shoppes’ Stop store. Time of supply is different in case of single purpose voucher and in the case of general purpose voucher. Time of supply in the case of single purpose voucher i.e. case where supply is identifiable at the time of issuance of voucher is date of issue of voucher. However, in all other cases of supply of vouchers, time of supply is date of redemption of voucher. Time of supply of goods or services (Residual provisions) In case it is not possible to determine the time of supply under aforesaid provisions, the time of supply is,- Due date of filing of return, in case where periodical return has to be filed Date of payment of tax in all other cases. Time of supply of .....

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Time of Supply in GST - GST Law and Procedure January, 2019 - GST

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..... ent Old rate of tax Yes No Date of issue of invoice. New rate of tax No Yes Date of receipt New rate of tax However, the special procedure for payment of tax by suppliers of goods (other than composition dealers) notified by Government vide notification no. 66/2017-Central Tax dated 15.11.2017 under section 148 of the CGST Act, 2017, will continue to govern even in the above situation. In a nutshell, suppliers of goods other than composition dealers will have to pay tax at the time of issue of invoice only. Date of receipt of Payment in case of change in rate of tax Normally the date of receipt of payment is the date of credit in the bank account of the recipient of payment or the date on which the payment is entered into his books of accou .....

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Time of Supply in GST - GST Law and Procedure January, 2019 - GST

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