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TIME OF SUPPLY (GOODS & SERVICES), GST LAW

Goods and Services Tax - GST - By: - Praveen Nair - Dated:- 8-3-2018 - Meaning: Time of Supply of (Goods): Time of Supply of Goods means the Point of Time when the liability to pay tax arises, on the Taxable goods, on the Proper value of such Goods either on the part of Supplier or Recipient, as the case may be. Liability to pay Tax, on a Transaction or Supply of Goods, where the Tax is payable under Forward charge would arise on the following dates, whichever is earlier; Date of Invoice of the .....

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p to 31st March 2018. Ref: Section 12(2) of the CGST Act, 2017,which is also applicable to SGST Act, UTGST Act & IGST Act, 2017. Time of Supply of Goods under Reverse Charge: Liability to pay tax arises in case of Transaction or Supply of Goods, where the Tax is payable under Reverse Charge or Tax Shift Mechanism by the Recipient of Goods on conditions mentioned below, whichever is earlier; Date of receipt of Goods by the Recipient; or Date of payment, made by the Recipient to the Supplier o .....

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accordingly, the Tax would be payable on Due Date, on which, the Recipient is required to file Monthly or Quarterly return for February 2018. Alternatively, if the goods is received by the Recipient on 06.03.2018 and payment for the supply is not made then the Liability to pay Tax, under Reverse Charge, would arise on 31.03.2018 and accordingly, the Tax would be payable on Due Date, on which, the Recipient is required to file Monthly or Quarterly return for March 2018. Ref: Section 12(3) of the .....

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Forward Charge would arise on the following dates, whichever is earlier; Date of Invoice of the Supplier of Services or Date of Payment received by the Supplier of Services from the recipient. If the Time of Supply of Services cannot be determined by the aforestated conditions then one can find out the Date of Provision or Completion of the Services, by the Supplier of the Services and the Date of receipt of payment by the Supplier, whichever is earlier would be the Time of Supply. Further if t .....

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therefore Tax is payable under Forward charge on the date of filing of Monthly or Quarterly return, for the month of January, 2018. If Invoice is not raised, then it is the date of provision or completion of the services, by the Supplier of Services or the Date of receipt of payment, whichever is earlier, would be the Time of Supply of such services. If the date of completion is 01.02.2018 and if the payment is received by the Supplier of Services by 06.03.2018, then the Time of Supply is 01.02 .....

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rge: Liability to pay tax arises in case of Transaction or Supply of Services, where the Tax is payable under Reverse Charge or Tax Shift Mechanism by the Recipient of Services on conditions mentioned below, whichever is earlier; Date of payment, made by the Recipient to the Supplier of Services as per the Books of Accounts; or 61st day from the date of Tax Invoice. Ex: If the payment has not been made by the Recipient of Services to the Supplier of Services but Invoice has been issued & 61s .....

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