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Time of Supply of Services - Voucher - GST Ready Reckoner - GSTExtract ..... ers or gift cards (closed and semi-closed pre-payment instruments) can be redeemed only against goods or services. Moreover, ‘money’ as a legal tender has acceptability across the length and breadth of the country, whereas a voucher can be redeemed only at the premises of the issuer or the participating merchants. Voucher define in Directive 2006/112/EC as amended on 27.06.2016 As per Article 30a For the purposes of this Directive, the following definitions shall apply: Voucher means an instrument where there is an obligation to accept it as consideration or part consideration for a supply of goods or services and where the goods or services to be supplied or the identities of their potential suppliers are either indicated on th ..... x x x x x Extracts x x x x x Time of Supply of Services - Voucher - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ccepted as consideration or part consideration by the supplier shall be subject to VAT pursuant to Article 2, whereas each preceding transfer of that multi-purpose voucher shall not be subject to VAT. Where a transfer of a multi-purpose voucher is made by a taxable person other than the taxable person carrying out the transaction subject to VAT pursuant to the first subparagraph, any supply of services that can be identified, such as distribution or promotion services, shall be subject to VAT. Regulation by the Reserve Bank of India in respect of Voucher Before we delve into the taxability of vouchers under the GST law, it is pertinent to understand the manner in which such payment instruments are regulated in India. “Payment system&r ..... x x x x x Extracts x x x x x Time of Supply of Services - Voucher - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ed merchant locations / establishments, which have a specific contract with the issuer (or contract through a payment aggregator / payment gateway) to accept PPIs as payment instruments and require prior authorisation from RBI. s. These instruments do not permit cash withdrawal, irrespective of whether they are issued by banks or non-banks iii) 'Open System PPIs' are issued only by banks and are used at any merchant for purchase of goods and services, including financial services, remittance facilities, etc. Banks issuing such PPIs shall also facilitate cash withdrawal at ATMs / Point of Sale (PoS) / Business Correspondents (BCs). PPIs in the form of gift instruments may also be issued, but such instruments are non-reloadable. Time ..... x x x x x Extracts x x x x x Time of Supply of Services - Voucher - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... e of completion of the milestone event when the payment is linked to completion of an event [Section 31(5)]. Continuous supply of services are provided, or agreed to be provided, continuously or on recurrent basis, under a contract, for a period exceeding 3 months with periodic payment obligations and includes supply of such services as the Government may notify. In case of cessation of supply of services before completion of supply, the invoice (to the extent of the supply made before such cessation) should be issued at the time when the supply ceases [Section 31(6)]. Time of supply of Vouchers exchangeable for services, Section 13(4) of CGST Act 2017 Vouchers are commonly used for transaction in the Indian economy. A shopkeeper may issue ..... x x x x x Extracts x x x x x Time of Supply of Services - Voucher - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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