Time of Supply of Goods – Addition in value - GST Ready Reckoner - GST

..... red person supplying taxable goods shall, before or at the time of, - Removal of goods for supply to the recipient, where the supply involves movement of goods; or Delivery of goods or making available thereof to the recipient, in any other case (in other words movement of goods not involve), [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 .....

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Time of Supply of Goods Addition in value - GST Ready Reckoner - GST

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..... y by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which suppliers receives such addition in value. In the section 12(6), it appears that interest late fee and penalty would be taxable at the HSN and rate applicable to the primary supply. For example, a supplier receives consideration in the month of September instead of due date of July and for such delay he is eligible to receive an interest amount of ₹ 1000/- and said amount is receiv .....

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Time of Supply of Goods Addition in value - GST Ready Reckoner - GST

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..... ,000/-. However, X gives Y an option to pay in installments, ₹ 11,000/- every month before 10th day of the following month, over next four months (₹ 11,000/- *4 = ₹ 44,000/-). Further, as per the contract, if there is any delay in payment by Y beyond the scheduled date, Y would be liable to pay additional / penal interest amounting to ₹ 500/- per month for the delay. In some instances, X is charging Y ₹ 40,000/- for the mobile and is separately issuing another invoi .....

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Time of Supply of Goods Addition in value - GST Ready Reckoner - GST

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