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Time of Supply of Goods – Under Forward charge - GST Ready Reckoner - GSTExtract ..... [section 31(1)] Example ABC placed order to supply of mobile phone to ZYX, who agrees to supply within 10 days from the date of order. It is a case of supply involving movement of goods. VPL a manufacturer asks hi supporting manufacturer Goodluck to develop a mould for PQR for separate consideration. The said mould will kept and used by ABC for manufacture of components for 5 year. In this case, there is no movement of mould. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved - The invoice should be issued before or at the time of issuance of periodical statement or receipt of periodical payment [Section 31(4)]. In case of goods sent or taken on approval for sale or return, ar ..... x x x x x Extracts x x x x x Time of Supply of Goods Under Forward charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... r made before receipt of goods. Examples: - Example 1. XYZ Pvt. Ltd. Supplies taxable goods to Suraj Pvt. Ltd. For ₹ 2,50,000/- on 23 Jun and issues the invoice on 25th Jun. Payment for the goods is made by Surej Pvt. Lt.d on 15th July. In this case - As per term Sec. 12(2) of CGST Act read with (Notification No. 66/2017 - Central Tax dt. 15 Nov. 2017 Time of supply earliest of the following date Date of issue of invoice - 25th Jun Last date of issue of invoice as per sec.31(1) - 23rd Jun (movement of goods involve) Therefore, time of supply of goods 23rd Jun. Example 2. XYZ Pvt. Ltd. has entered in to contract with CGL Pvt. Ltd. To supply of gas by pipeline to CGL Pvt. Ltd. For the period of one year. As per terms of contract - a) CG ..... x x x x x Extracts x x x x x Time of Supply of Goods Under Forward charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ase - As per term 12(2), Time of supply shall be earliest of following dates Date of issue of invoice by the supplier, or Last date on which the supplier is required to issue the invoice The invoice has not been the time of supply for the purpose of payment will be the last date on which the invoice is required to be issued. The invoice for supply of goods must be issued on or before the dispatch of goods i.e. 22nd July. Therefore, the time of supply for the purpose of payment of tax for the goods will be 22nd July when the invoice should have been issued. Registered person, in respect of outwards supply of goods, opted for the composition levy Sec. 10 of CGST Act. Time of supply shall be earliest of following dates: - Date of issue of invo ..... x x x x x Extracts x x x x x Time of Supply of Goods Under Forward charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ier, be the date of issue of invoice in respect of such excess amount. As per Sec. 12(2) of CGST Act read with Notification No. 66/2017 - Central Tax dt. 15 Nov. 2017 the said proviso has lost its relevance. In other words, where supplier of goods liable to pay GST under forward charge, if he is receipt advance against supply of goods, there is no need to pay GST on Advance receipt amount In case of Composition Scheme supplier It is significant to note that the Notification No. 40/2017 - Central Tax dated 13.10.2017 as superseded vide Notification No. 66/2017 - Central Tax dt. 15 Nov. 2017 have excluded the registered person who opt for the composition levy sec. 10 of the CGST Act while giving relaxation from paying GST on advance payment t ..... x x x x x Extracts x x x x x Time of Supply of Goods Under Forward charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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