TMI BlogTime of Supply in GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... ier receives the payment or date of receipt of payment The phrase the date on which supplier receives the payment or the date of receipt of payment means the date on which payment is entered in books of accounts of the supplier or the date on which the payment is credited to his bank account, whichever is earlier. Time of issue of invoice for supply As per section 31 of the CGST Act, 2017 an invoice for supply of goods needs to be issued before or at the time of removal of goods for supply to the recipient where the supply involves movement of goods. However, in other cases, invoice needs to be issued before or at the time of delivery of goods or making available goods to the recipient. Similarly, an invoice for supply of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he entire GST shall be payable only when the invoice is issued for such supply of goods. The special procedure will be applicable to this class of persons (registered persons making supplies of goods other than composition dealers) even in situations governed by Section 14 of the Act (change in rate). Notification no. 66/2017-Central Tax dated 15.11.2017 may be referred to. Time of supply of services (Default Rule) Earliest of the following dates If the invoice is issued within the legally prescribed period under section 31(2) of the CGST Act, 2017 read with Rule 47 of CGST Rules, 2017 (which is thirty days from the date of the supply of service), then the date of issue of invoice by the supplier or date of receipt of payment, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of goods when tax is to be paid on reverse charge basis Earliest of the following dates Date of receipt of goods Date on which payment is entered in the books of accounts of the recipient or the date on which the payment is debited in his bank account, whichever is earlier. Date immediately following 30 days from the date of issue of invoice or any other legal document in lieu of invoice by the supplier. However, if it is not possible to determine the time of supply in aforesaid manner then the time of supply is the date of entry of the transaction in the books of accounts of the recipient of supply. Time of supply of services when tax is to be paid on reverse charge basis Earliest of the following dates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kers or Television or for spa or haircut. Similarly, a voucher can be general purpose voucher which can be used for multiple purposes. For example, a ₹ 1000/- voucher issued by Shoppers Stop store can be used for buying any product at any Shoppes Stop store. Time of supply is different in case of single purpose voucher and in the case of general purpose voucher. Time of supply in the case of single purpose voucher i.e. case where supply is identifiable at the time of issuance of voucher is date of issue of voucher. However, in all other cases of supply of vouchers, time of supply is date of redemption of voucher. Time of supply of goods or services (Residual provisions) In case it is not possible to determine the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoice or payment New rate of tax Yes No Date of issue of invoice. Old tax rate No Yes Date of receipt Old tax rate Supply is completed after the change in rate of tax Invoice issued before date of change in tax rate Payment received before date of change in tax rate Time of supply Applicable rate of tax Yes Yes earliest of the date of invoice or payment Old rate of tax Yes No Date ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
