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Time of Supply of Services- Under Reverse Charge - GST Ready Reckoner - GSTExtract ..... m 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, if the due date of payment is not known (iii) on/ before the dat ..... x x x x x Extracts x x x x x Time of Supply of Services- Under Reverse Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... e Span Industries Ltd., a registered supplier, imports business support services from Green INC, USA on 13th August (goods order date). Invoice issued for $ 1,20,000/- is raised by Green Inc on 18th August. Span Industries Ltd. Makes the payment against the said invoice in two different and considered as two different situations I situation - 22nd September II situation - 27th December Determine time of supply in each of the aforesaid cases. In this case Services supplied by any person located in non-taxable territory to any person other than non-taxable online recipient, tax is payable under reverse charge any the person located in the taxable territory. [under section 5(3) of IGST Act 2017, Notification No. 10/2017 IGST Rate Dated: 28 Jun ..... x x x x x Extracts x x x x x Time of Supply of Services- Under Reverse Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... - 18th October Date of payment - 27th December Therefore, time of supply would be 18th October In other words, Span Ltd. Make the payment after 60 days from the date of invoice, time of supply is the date immediately following the said period 60 days i.e., 61st day which is 18th October. Time of supply of services in case of supply by Associated Enterprises located outside India, [third proviso of Section 13(3) of CGST Act 2017] Earliest of following dates, The time of supply is the date of entry in the books of account of the recipient or The date of payment Example: - SPAN Ltd. Mumbai holds 51% of share of Mario Inc, a USA based company. Mario Inc provides business auxiliary services to SPAN ltd., determine the time of supply Agreed consi ..... x x x x x Extracts x x x x x Time of Supply of Services- Under Reverse Charge - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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