Goods and Services Tax – GST – By: – Puneet Agrawal – Dated:- 5-11-2016 – TIME OF SUPPLY OF GOODS Liability to pay CGST/ SGST on any supply of goods and/ or services shall arises at the time of supply as determined in terms of Section 12 (Time of Supply of Goods) or Section 13 (Time of Supply of Services) of the CGST/ SGST Act. Further as per Section 27 of the IGST Act, time of supply of goods and/ or services, made in the course of inter-state trade or commerce, is also to be determined in terms of Section 12 and Section 13 of the CGST/ SGST Act. As mentioned above, there are separate sections dealing with determination of time of supply of goods and time of supply of service . If any transaction involves both supply of goods and supply o
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red to be removed (goods are not capable of being moved, goods are supplied in installed/ assembles form, goods are supplied by supplier to his agent/ principle); Date of which invoice is issued; Date on which supplier receives the payment i.e. when the payment is entered into the books of account; or credited to bank account, whichever is earlier; date on which receipt of goods entered in books of accounts. In case of continuous supply of goods, time of supply shall be expiry of the period to which successive statement of accounts or successive payments relate. If no successive statements of account, date of issue of invoice or date of receipt of payment whichever earlier. In case tax is required to be paid under reverse charge, point of s
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