TMI BlogTime of Supply of Goods – Under Reverse ChargesX X X X Extracts X X X X X X X X Extracts X X X X ..... ient, where the supply involves movement of goods ; or Delivery of goods or making available thereof to the recipient, in any other case (in other words movement of goods not involve ) , [section 31(1)] Example ABC placed order to supply of mobile phone to ZYX, who agrees to supply within 10 days from the date of order. It is a case of supply involving movement of goods. VPL a manufacturer asks hi supporting manufacturer Goodluck to develop a mould for PQR for separate consideration. The said mould will kept and used by ABC for manufacture of components for 5 year. In this case, there is no movement of mould. In case of continuous supply of goods , where successive statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Notification No. 66 / 2017 , the supplier of goods is not liable to pay GST on receipt of advance against future supply. However, the relief of not paying GST at the time of receipt of advance is available only in case of supply of goods, the tax on which is payable under forward charge. If advance receipt in case of reverse charge, GST is payable at the time of payment, if payment is recorded or made before receipt of goods. Example - Mint Industries Ltd., a registered supplier, give order of material from Green INC, USA on 13 th August (goods order date). The relevant invoice for $ 1,20,000/- is raised by Green Inc on 18 th August. Mint Industries Ltd. Makes the payment against the said invoice 22 nd September but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prising such shortfall on reverse charge basis. The calculation of tax payment on the shortfall at the end of the financial year. the tax liability on shortfall on inward supplies from unregistered person so determined shall be added to this output tax liability in the month not later than the month of June following the end of the financial year. In case of Cement Where cement is received from unregistered person, in the month in which month in which it is received. In case of capital goods Where capital goods is received from unregistered person, in the month in which month in which it is received. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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