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Time of Supply of Services – Addition in value - GST Ready Reckoner - GSTExtract ..... termine the time of supply of services depend upon whether the invoice is issued within the time prescribed under section 31 of CGST Act 2017. The tax invoice needs to be issued either before the provision of service or within 30 days (45 days in case of insurance companies/ 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 includ ..... x x x x x Extracts x x x x x Time of Supply of Services Addition in value - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ore 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 goods related to an addition in the value of supply by way of interest, late fees or penalty, Section 13(6) of CGST Act 2017. Time of supply related to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which suppliers receives such ..... x x x x x Extracts x x x x x Time of Supply of Services Addition in value - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... act or situation, or to do an act has been treated as supply of services vide clause 5(e) of schedule II of CGST Act. These activities have been classified under code “99979- other miscellaneous services” in the list of classification of services and are taxable @18%. Examples Example 1:- X sells a mobile phone to Y. The cost of mobile phone is ₹ 40,000/-. However, X gives Y an option to pay in installments, ₹ 11,000/- every month before 10th day of the following month, o ..... x x x x x Extracts x x x x x Time of Supply of Services Addition in value - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ost of mobile phone is ₹ 40,000/-. Y has the option to avail a loan at interest of 2.5% per month for purchasing the mobile from M/s ABC Ltd. The terms of the loan from M/s ABC Ltd. allows Y a period of four months to repay the loan and an additional / penal interest @ 1.25% per month for any delay in payment. The additional / penal interest is charged for a transaction between Y and M/s ABC Ltd., and the same is getting covered under Sl. No. 27 of notification No. 12/2017-Central Tax (Rat ..... x x x x x Extracts x x x x x Time of Supply of Services Addition in value - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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