Goods and Services Tax – GST – By: – Praveen Nair – Dated:- 8-3-2018 – Meaning: Time of Supply of (Goods): Time of Supply of Goods means the Point of Time when the liability to pay tax arises, on the Taxable goods, on the Proper value of such Goods either on the part of Supplier or Recipient, as the case may be. Liability to pay Tax, on a Transaction or Supply of Goods, where the Tax is payable under Forward charge would arise on the following dates, whichever is earlier; Date of Invoice of the Supplier of Goods or Date of Payment received by the Supplier of Goods from the recipient. Ex: Date of Tax Invoice is 06.03.2018 and payment was received from the Recipient of goods in advance on 01.02.2018 then the liability to pay Tax, on the Goods, in the said transaction has arisen in the month of February, 2018 and Tax will be payable by the Supplier of Goods. Note: Under GST Law, Liability to pay Tax on receipt of Advance payment whether under Forward or Reverse charge has been postponed
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accordingly, the Tax would be payable on Due Date, on which, the Recipient is required to file Monthly or Quarterly return for February 2018. Alternatively, if the goods is received by the Recipient on 06.03.2018 and payment for the supply is not made then the Liability to pay Tax, under Reverse Charge, would arise on 31.03.2018 and accordingly, the Tax would be payable on Due Date, on which, the Recipient is required to file Monthly or Quarterly return for March 2018. Ref: Section 12(3) of the CGST Act, 2017,which is also applicable to SGST Act, UTGST Act & IGST Act, 2017. Meaning: Time of Supply of (Services): Time of Supply of Services is the Point of Time when the liability to pay Tax, under GST Law, arises in case of Supply of Services arises, either on the part of the Supplier of Services or Recipient of Services as the case may be. Liability to pay Tax, under the GST Law, on transaction related to Supply of Services, where the Tax is payable by the Supplier of services unde
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d therefore Tax is payable under Forward charge on the date of filing of Monthly or Quarterly return, for the month of January, 2018. If Invoice is not raised, then it is the date of provision or completion of the services, by the Supplier of Services or the Date of receipt of payment, whichever is earlier, would be the Time of Supply of such services. If the date of completion is 01.02.2018 and if the payment is received by the Supplier of Services by 06.03.2018, then the Time of Supply is 01.02.2018. Liability of payment of Tax has arisen and therefore Tax is payable under Forward charge on the date of filing of Monthly or Quarterly return, for the month of February, 2018. If none of the above information's are available for the Supply of services then date of booking the bill in accounts will be the Time of Supply of Services. Ref: Section 13(2) of the CGST Act, 2017,which is also applicable to SGST Act, UTGST Act & IGST Act, 2017. Time of Supply of Services under Reverse Ch
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as applicable to SGST, UTGST & IGST Act, 2017, receipt of Advance payment, attracts Tax, at appropriate rate, the hands of the Supplier (Forward Charge) or Recipient (Reverse Charge) of Goods or Services or both. Notification No. 66/2017-Central Tax dtd. 15.11.2017 for the time being has kept the GST applicability on Advance at Abeyance on Supply of Goods & Services upto 31.03.2018 and accordingly, when Advance Payment is received by the Supplier of Services (where tax is payable under Forward charge) or such Advance Payment is made by the Recipient of Services (where tax is payable under Reverse Charge), Advance payment would Not attract Tax under GST Law, in respect of Supply of Goods or Services. 2. Supply by Unregistered Person to a Registered Person: As per the provision of Section 9(4) of the CGST Act, 2017 and similar provisions under SGST, UTGST & IGST Act, 2017, Goods or Services or Both would attract Tax, in the hands of the Registered Person, when such Goods or S
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