9911796707
TMI BlogTIME OF SUPPLY OF GOODS AND SERVICESX X X X Extracts X X X X X X X X Extracts X X X X ..... with respect to the supply. 10.3 Section 13(1) of the CGST Act, 2017 provides for time of supply of services. The time of supply of services shall be the earlier of the following - (a) the date of issue of invoice by the supplier if the invoice is issued within the period prescribed under Section 31 or the date of receipt of payment whichever is earlier; or (b) the date of provision of service, if the invoice is not issued within the period prescribed under Section 31 or the date of receipt of payment whichever is earlier; (c) the date on which the recipient shows the receipt of services in his books of account, in case where the clauses do not apply. 10.4 The time of supply of voucher (e.g. Gift Voucher, etc.) in respect of goods a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to an addition in value on account of interest, late fee or penalty on delayed consideration shall be the date on which the supplier received such additional consideration. 10.9 In cases where supply is completed prior to change in rate of tax, the time of supply will be- (i) where the invoice for the same has been issued and the payment is also received after the change in rate of tax, the time of supply shall be the date of receipt of payment or the date of issue of invoice, whichever is earlier. For supply of goods payment of tax need to be made only at the time of issue of invoice; or (ii) where the invoice has been issued prior to change in rate of tax but the payment is received after the change in rate of tax, the time o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f no actual payment takes place or no invoice is issued. 10.12 The time of supply in respect of continuous supply of services will be the date by which the invoice is actually issued or is required to be issued or the date of receipt of payment, whichever is earlier. *************** NOTES:- 1. Inserted by Section 117 of The Finance Act (No. 2) Act, 2024 No. 15 of 2024 dated 16.08.2024, Shall come into force w.e.f. 1st day of November, 2024 vide Notification No. 17/2024-Central Tax dated 27-09-2024. 2. Inserted by Section 117 of The Finance Act (No. 2) Act, 2024 No. 15 of 2024 dated 16.08.2024, Shall come into force w.e.f. 1st day of November, 2024 vide Notificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
