TMI BlogTime of Supply of Services – Forward ChargeX X X X Extracts X X X X X X X X Extracts X X X X ..... ssued within the time prescribed under section 31. In case of taxable supplies of services The invoice shall be issued within a period of 30 days from the date of the supply of service: Where the supplier of services is insurance companies/ banking companies/ financial institutions including NBFCs the period within which tax invoice need to be issue within 45 days from the date of supply of service. [first proviso rule 47 of CGST Rules ]. In case of insurance companies / banking companies / financial institutions including NBFCs / telecom companies / notified supplier of services making taxable supplies between distinct persons as specified in section 25, invoice may be issued b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of receipt of payment, to the extent the payment covers the supply of services, (whichever is earlier) Date of entry in the books of accounts, or Credit date in the bank account b) If invoice not issued within time under section 31 of CGST Act 2017, Earliest of the following date The date of provision of service or Date of receipt of payment, to the extent the payment covers the supply of services, (whichever is earlier) Date of entry in the books of accounts, or Credit date in the bank account c) In a case aforesaid above two provisions do not apply , then Date on which recipient shows the receipt of service in his books of account, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022 30.09.2022 20.09.2022 ₹ 40 Lakh As per sec 13(2), the time of supply of services, is earlier of the following dates: - a) If invoice issued within time under section 31(5) , Earliest of the following dates Date of issues of invoice or Date of receipt of payment, to the extent the payment covers the supply of services b) If invoice not issued within time under section 31(5) , Earliest of the following dates The date of provision of service or Date of receipt of payment, to the extent the payment covers the supply of services. The present case, the construction services are provided under contract for a peri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed time limit under section 31, earlier of the dates date of issue of invoice 30.09.2022 or date of receipt of payment 20.09.2022, Therefore, time of supply would be 20.09.2022. Example 2 :- Determine the time of supply from the following particulars 6 th May Booking of convention hall, sum agreed ₹ 15,000/-, advance of ₹3,000 received 15 th September Function held in convention hall 27 th October Invoice issued for ₹ 15,000/-, indicating balance of ₹12,000 payable 3 rd November Bal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e not clear from the records of ABC Co. ABC Co. have not issued or entered the payment in their books of account. The time of supply cannot be determined vide the provision of clauses (a) and (b) of Section 13(3) of CGST Act 2017 as neither the invoice has been issued nor the date of provision of services is available as also the date of receipt of payment in the books of the supplier is also not available. Therefore, the time of supply will be determined vide clause (c) of section 13(2) the date on which the receipt of services shows receipt of the services in his books of account. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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