Time of Supply of Goods – Addition in value

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..... ly to the recipient, 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 succes .....

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..... o be discharged by 20.01.2018. Circular No. 102/21/2019-GST dated 28 th June 2019 - Penal / Additional interest on delayed payment where the EMI is not paid at the scheduled time, there is a levy of additional / penal interest on account of delay in payment of EMI. such delayed payment charges in case of late payment of Equated Monthly Instalments (EMI) is liable for GST supply in respect of agreeing to obligation to refrain from an act, to tolerant an 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 .....

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..... d 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 (Rate) dated 28.06.2017. Accordingly, in this case the 'penal interest' charged thereon on a transaction between Y and M/s ABC Ltd. would not be subject to GST, as the same would be covered under notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 . The value of supply of mobile by X to Y would be ₹ 40,000/- for the purpose of levy of GST. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmana .....

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