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Time of Supply of Services – Forward Charge - GST Ready Reckoner - GSTExtract ..... s/ banking companies/ financial institutions including NBFCs) from the date of supply of service. [section 31(2) read with rule 47 of CGST Rules]. In case of insurance companies/ banking companies/ financial institutions including NBFCs/ telecom companies/ notified supplier of services making taxable supplies between distinct persons as specified in section 25, invoice may be issued before or at the time of recording such supply in the books of account or before the expiry of the quarter during which the supply was made [Second proviso to rule 47]. In case of continuous supply of services, the invoice should be issued either (i) on/ before the due date of payment or (ii) before/ at the time when the supplier of service receives the payment, ..... x x x x x Extracts x x x x x Time of Supply of Services Forward Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... isions do not apply, then Date on which recipient shows the receipt of service in his books of account, Significance of “to the extent the payment covers the services” Suppose a part of the consideration is paid in advance or invoice is issued for part payment, the time of supply will not cover the full supply. The supply shall be deemed to have been made to the extent it is covered by the invoice or the part payment. Examples Example 1:- ABC ltd. Enters into contract with XYZ on 2nd July for 2-year construction of new building to used for commercial purpose for total consideration of ₹150 lakh. As per contract ABC ltd. Is required to make payment at different stage of completion of the building namely 50 %, 75%, and 100%. ..... x x x x x Extracts x x x x x Time of Supply of Services Forward Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... of supply is 02.07.2021. 50% completion of building Invoice has not been issued within prescribed time limit under section 31, earlier of the dates date of provision of services 15.03.2022 or date of receipt of payment 29.03.2022, Therefore, time of Supply would be 15.03.2022. 75% completion of building Invoice has not been issued within the prescribed time limit under section 31, earlier of the dates date of provision of services 20.06.2022 or date of receipt of payment 23.07.2022 Therefore, time of supply would be 20.06.2022. 100% completion of building Invoice is issued within the prescribed time limit under section 31, earlier of the dates date of issue of invoice 30.09.2022 or date of receipt of payment 20.09.2022, Therefore, time of s ..... x x x x x Extracts x x x x x Time of Supply of Services Forward Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... o. carried out services of cleaning and repairs of thanks in an apartment complex, for which apartment owners’ association showed a payment in cash on 4th April to them against works of the description the dates of the work are not clear from the records of ABC & Co. ABC & Co. have not issued or entered the payment in their books of account. The time of supply cannot be determined vide the provision of clauses (a) and (b) of Section 13(3) of CGST Act 2017 as neither the invoice has been issued nor the date of provision of services is available as also the date of receipt of payment in the books of the supplier is also not available. Therefore, the time of supply will be determined vide clause (c) of section 13(2) the date on w ..... x x x x x Extracts x x x x x Time of Supply of Services Forward Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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