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Let’s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate applicable when goods are supplied and invoice issued after change in rate in June 2017, but full advance payment was already received in April 2017?

Question 14 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. Let s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate applicable when goods are supplied and invoice issued after change in rate in June 2017, but full advance payment was already received in April 2017? Ans. The new rate of 20% shall be applicable as goods are supplied and invoice issued after 1.6.2017 – Statutory Provisions, Acts, Rules,

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What is the time of supply, where supply is completed prior to change in rate of tax?

Question 11 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. What is the time of supply, where supply is completed prior to change in rate of tax? Ans. In such cases 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; or (ii) where the invoic

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What is the time of supply, where supply is completed after to change in rate of tax?

Question 12 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. What is the time of supply, where supply is completed after to change in rate of tax? Ans. In such cases time of supply will be (i) where the payment is received after the change in rate of tax but the invoice has been issued prior to the change in rate of tax, the time of supply shall be the date of receipt of payment; or (ii) where the invoice has been issued and the payment is

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Let’s say there was increase in tax rate from 18% to 20% w.e.f.1.6.2017. What is the tax rate applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017?

Question 13 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. Let s say there was increase in tax rate from 18% to 20% w.e.f.1.6.2017. What is the tax rate applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017? Ans. The old rate of 18% shall be applicable as services are provided prior to 1.6.2017. – Statutory Provisions, Acts, Rules, Regulations, Taxa

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What is the time of supply applicable with regard to addition in the value by way of interest, late fee or penalty or any delayed payment of consideration?

Question 9 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. What is the time of supply applicable with regard to addition in the value by way of interest, late fee or penalty or any delayed payment of consideration? Ans. The time of supply with regard to an addition in value on account of interest, late fee or penalty or delayed consideration shall be the date on which the supplier receipts such additional consideration. – Statutory Provision

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Where it is not possible to determine the time of supply in terms of sub-section 2, 3, 4of Section 12 or that of Section 13 of CGST/SGST Act, how will time of supply be determined?

Question 4 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Where it is not possible to determine the time of supply in terms of sub-section 2, 3, 4of Section 12 or that of Section 13 of CGST/SGST Act, how will time of supply be determined? Ans. There is a residual entry in Section 12(5) as well as 13 (5) which says that if periodical return has to be filed, then the due date of filing of such periodical return shall be the time of supply. In

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What is time of supply?

What is time of supply? – Question 1 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 5. Time of Supply Q 1. What is time of supply? Ans. The time of su

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When does the liability to pay GST arise in respect of supply of goods and Services?

Question 2 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. When does the liability to pay GST arise in respect of supply of goods and Services? Ans. Section12 & 13 of the CGST/SGST Act provides for time of supply of goods. The time of supply of goods shall be the earlier of the following namely, (i) the date of issue of invoice by the supplier or the last date on which he is required under Section 28, to issue the invoice with respect to

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Are there any activities which are treated as neither a supply of goods nor a supply of services?

Question 23 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 23 – Q 23. Are there any activities which are treated as neither a supply of goods nor a supply of services? Ans. Yes. Schedule-III of the model GST law lists certain activities such as (i) services by an employee to the employer in the course of or in relation to his employment, (ii) services by any Court or Tribunal established under any law, (iii) functions performed by membe

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Will import of services without consideration be taxable under GST?

Question 25 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 25 – Q 25. Will import of services without consideration be taxable under GST? Ans. As a general principle, import of services without consideration will not be considered as supply under GST in terms of Section 3. However, import of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business,

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Whether supply of software would be treated as supply of goods or supply of services under GST law?

Question 17 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. Whether supply of software would be treated as supply of goods or supply of services under GST law? Ans. Development, design, programming, customization, adaptation, upgradation, enhancement, implementation of information technology software shall be treated as supply of services as listed in Sl. No. 5 (2)(d) of Schedule -II of the model GST law. – Statutory Provision

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What is a Composite Supply under CGST/ SGST/UTGST Act?

Question 19 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 19 – Q 19. What is a Composite Supply under CGST/ SGST/UTGST Act? Ans. Composite Supply means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply. For example,

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What is a mixed supply?

Question 21 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 21 – Q 21. What is a mixed supply? Ans. Mixed Supply means two or more individual supplies of goods or services or any combination thereof, made in conjunction with each other by a taxable person for a single price where such supply does not constitute a composite supply. For example, a supply of package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated

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What are inter-state supplies and intra-state supplies?

Question 14 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. What are inter-state supplies and intra-state supplies? Ans. Inter-state and intra-state supplies have specifically been defined in Section 7(1), 7(2) and 8(1), 8(2) of the IGST Act respectively. Broadly, where the location of the supplier and the place of supply are in same state it will be intrastate and where it is in different states it will be inter-state supplie

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