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Time and value of Supply under GST law

Goods and Services Tax - GST - By: - Sanjeev Singhal - Dated:- 18-11-2016 - This chapter will focus on time of supply of goods and services vis a vis valuation of supply which includes goods and services. Both are very significant part of any business vis a vis taxation . Time is important for point of tax that when the liability to pay tax will arise on goods and service . Similarly Valuation on what value the tax shall be levied by Government. For valuing any goods what to include and not to i .....

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ods. Earliest of the following shall be the time of supply When the goods are moved, if the goods to be moved Goods made available to recipient when goods not to be moved At the time of issue of invoice At the time of receipt of payment When recipient shows the receipt of goods in his books of account Where there is continuous supply of goods , time shall be At the of successive statement of a/c or payment as per contract Date of issue of invoice or receive of payment whichever is earlier Time o .....

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y of services The liability to pay CGST and SGST shall arise only at the time of supply of services. Time of supply of services shall be : Date of issue of invoice or receipt of payment which ever is earlier if invoice is issued in prescribed time Date of completion of services or receipt of payment whichever is earlier if invoice is not raised in prescribed time Where the above said clause do not apply, date on which recipient shows the receipt of services in his books. In case of continuous su .....

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llowing; Date of receipt of services Date on which payment is made Date of receipt of invoice Date of debit in the books of account Where the supply of services ceases under any contract before the completion of services, such services deemed to be completed on the cessation of contract. Where it is not possible to ascertain the time of supply as mentioned above, in this case time of supply shall be ; Due date of filing the periodical return In any other case , date on CGST/SGST is paid Change i .....

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ce shall be time of supply. Where payment is received before change of rate of tax and invoice is issued after the change of rate of tax, time of supply shall be date of receipt of payment In the case of taxable services has been provided after the change of effective rate of tax Where the payment is received after the change of rate of tax and invoice is raised before change of rate of tax, time of supply of services shall be date of date of receipt of payment. Where the invoice is raised after .....

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hall include the following; Any amount incurred by the recipient of supply with respect to such supply and paid and payable by the supplier which has not been included in transaction value Supply of goods or services free of cost by recipient directly or indirectly to supplier which has not been included in transaction value. Royalty or license fees related to supply of goods or services which is to be paid by recipient if it is not included in transaction value Ant taxes, duties, fees and charg .....

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ime of supply provided such discount allowed as normal course of business and trade practice In the following situation or circumstances value of supply of goods or services can not be valued as mentioned in point no.1 means thereby transaction value Consideration is not money Supplier and recipient is related Reason to doubt the transaction value Business transaction done by pure agent, insurer, money changer, air travel agent and distributor or selling agent of lottery In the above case Rule 4 .....

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usiness or from agent to principal and vice versa , value of such supply shall be transaction value, weather or not place of business is in the same state. Value of supply by comparison [ Rule-4] Where the value can not be determined under Rule 3, the value shall be determined of like kind and quality supplied at or about the same time to other customer adjusted below; Proper officer will make the reasonable adjustment as appear to him taking the following factor in to consideration; Difference .....

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